University of Virginia Library

APPROVAL OF INTENT TO ISSUE BONDS

The following resolution was adopted:

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:

The University reasonably expects to reimburse expenditures incurred for the construction and/or purchase of the Orange Medical Facility and the construction of the Clinch Valley College Student Residence Hall with proceeds from the issuance of tax-exempt 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 and/or purchase of the Orange Medical Facility is $4.5 million and the construction of the Clinch Valley College Student Residence Hall is $4.5 million.