University of Virginia Library

INTENT TO ISSUE BONDS FOR THE MEDICAL OFFICE BUILDING

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 intends 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, issue bonds, pursuant to Article X, Section 9(d) of the Constitution of Virginia (the "9(d) Bonds");
• RESOLVED that, pursuant to the Regulations, the University declares its intent to reimburse expenditures in accordance with the following:
  1. The University reasonably expects to reimburse expenditures incurred for the construction/purchase of the "Medical Office Building" Project (the "Project") with proceeds from the issuance 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 1.150-2 of the Regulations. The maximum principal amount of bonds expected to be issued for the Project is $8.5 million.