University of Virginia Library

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4885

DECLARATION OF OFFICIAL INTENT TO ISSUE BONDS TO REIMBURSE
EXPENDITURES FOR AMOUNTS NEEDED FOR PLANNING COSTS,
ISSUANCE COSTS, RESERVE FUNDS AND OTHER FINANCING EXPENSES
ASSOCIATED WITH THE ACQUISITION, CONSTRUCTION, AND
EQUIPPING OF THE VIRGINIA TECH/UNIVERSITY OF VIRGINIA
EDUCATION CENTER AT FALLS CHURCH PROJECT

The following resolution was adopted:

• WHEREAS the United States Department of the Treasury has promulgated final regulations in 26 CFR Section 1.103-18 (the "Regulations") governing when the allocation of bond proceeds to reimburse expenditures previously made by an issuer shall be treated as an expenditure of the bond proceeds; and
• WHEREAS the IRS Regulations, which are effective for bonds issued after March 2, 1992, require a declaration of official intent by an issuer to provide evidence that, on or prior to the date of payment of expenditures, the issuer intended to reimburse such expenditures with proceeds of its bonds; and
• WHEREAS The Rector and Visitors of the University of Virginia (the "University") issues bonds, from time to time, pursuant to Article X, Section 9(d) of the Constitution of Virginia (the "9(d) Bonds"); and
• WHEREAS the University now 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 Virginia Tech/University of Virginia Education Center at Falls Church Project with proceeds of 9(d) Bonds to be issued by the University through the Treasury Board;
• 2. This resolution is a declaration of official intent under Section 1.103-18 of the Regulations;
• 3. The maximum principal amount of bonds expected to be issued for the purpose of reimbursing expenditures relating to the Virginia Tech/University of Virginia Education Center at Falls Church Project is $18,600,000; and
• 4. This declaration of intent shall be available for public inspection at the principal office of the University's Office of the Treasurer immediately after the date hereof and shall remain available for public inspection on a reasonable basis until the date of issue of all reimbursement bonds pursuant hereto.