University of Virginia Library

PARKING REVENUE BONDS

The following resolution was adopted:

• WHEREAS the United States Department of the Treasury has promulgated final regulations in 26 CFR Section 1.150-2 (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 bonds; and
• WHEREAS The Rector and Visitors of the University of Virginia (the-"University"), from time to time, either issue bonds, pursuant to Article X, Section 9(d) of the Constitution of Virginia (the "9(d) Bonds") or participate in lending programs approved by the General Assembly of Virginia, the most recent program being that which authorized the Virginia College Building Authority to develop a pooled bond program (the "Pooled Bond Program") to purchase bonds and other debt instruments issued by public institutions of higher education in the Commonwealth of Virginia to finance or refinance the construction of projects of capital improvements; and
• WHEREAS the University now desires to make such a declaration of official intent, as required by the Regulations; and

• 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 "Parking Deck for 600 Vehicles and Infrastructure Improvements"-Project (the "Project") with proceeds from either the issuance of 9(d) Bonds to be issued by the University through the Treasury Board or from participation in the Pooled Bond Program.

  2. This resolution is a declaration of official intent under Section 1.150-2 of the Regulations. The maximum principal amount of bonds expected to be issued for the Project is $4.5 million.