University of Virginia Library

APPROVAL OF INTENT TO ISSUE BONDS FOR THE FONTAINE RESEARCH CENTER

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:

• 1. The University reasonably expects to reimburse expenditures incurred for the construction of the Fontaine Research Center proceeds from the issuance of tax-exempt bonds ("bonds") to be issued by the University either directly or through the College Building Authority with the approval of the Treasury Board;


• 2. This resolution is a declaration of official intent under Section l.l50-2 of the Regulations;


• 3. The maximum principal amount of bonds expected to be issued for the purpose of reimbursing expenditures relating to the construction of the Fontaine Research Center in an amount not to exceed $17.0 million.