University of Virginia Library

APPROVAL OF INTENT TO ISSUE BONDS FOR THE HOSPITAL EXPANSION PROJECT, ARENA/PARKING PROJECT, OBSERVATORY HILL DINING FACILITY, HEALTH SCIENCES CENTER PARKING STRUCTURE, EMMET STREET PARKING STRUCTURE AND THE ARTS & SCIENCES PARKING STRUCTURE

WHEREAS, the United States Department of the Treasury has promulgated final regulations in Section l.l50-2 of the Treasury Regulations (the "Regulations") governing when the allocation of bond proceeds to reimburse expenditures previously made by a borrower shall be treated as an expenditure of the bond proceeds; and

WHEREAS, the Regulations require a declaration of official intent by a borrower to provide evidence that the borrower intended to reimburse such expenditures with proceeds of its bonds; and

WHEREAS, the Board of Visitors of the University of Virginia (the "University") desires to make such a declaration of official intent as required by the Regulations;

RESOLVED that, pursuant to the Regulations, the University hereby declares its intent to reimburse expenditures in accordance with the following:

• 1. The University reasonably expects to reimburse expenditures incurred for the construction of the Hospital Expansion Project for the Medical Center and the Arena/Parking Project, Observatory Hill Dining Facility, Health Sciences Center Parking Structure, Emmet Street Parking Structure and the Arts & Sciences Parking Structure for the Academic Division with proceeds from the issuance of tax-exempt bonds ("bonds") to be issued by the University through the Treasury board;
  This resolution is a declaration of official intent under Section l.l50-2 of the Regulations;
  The maximum principal amount of bonds expected to be issued for the purpose of reimbursing expenditures relating to the construction of these projects is $54 million for the Hospital Expansion Project, $75 million for the Arena/Parking Project, $10 million for the Observatory Hill Dining facility, $10.8 million

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  for Health Sciences Center Parking Structure, $14 million for the Emmet Street Parking Structure and $9 million for the Arts & Sciences Parking Structure.