University of Virginia Library

APPROVAL OF INTENT TO ISSUE BONDS FOR THE SCOTT STADIUM EXPANSION PROJECT AND THE CONSTRUCTION OF THE FOOTBALL FACILITY AT CLINCH VALLEY COLLEGE

The following resolution was adopted:

• WHEREAS, the United States Department of the Treasury has promulgated final regulations in Section 1.150-2 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; 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 expansion of Scott Stadium and the construction of the football facility at Clinch Valley College with proceeds from the issuance of tax-exempt bonds (the "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;
      3. The maximum principal amount of bonds expected to be issued for the purpose of reimbursing expenditures relating to the Scott Stadium expansion project is $50 million, and relating to the construction of the football facility at Clinch Valley College is $6 million.