WHEREAS, the Industrial Development Authority of the County of Fauquier, Virginia (the "Authority"), has considered the application of Highland School, Inc. ("Highland") located at 597 Broadview Avenue, Warrenton, Virginia 20186, requesting the issuance of the Authority's revenue bonds in an amount not to exceed $20,000,000 (the "Bonds") to assist in (1) financing (i) the construction and equipping of a new lower school containing approximately 54,000 square feet, (ii) the construction and equipping of new upper school classrooms containing approximately 5,400 square feet, (iii) renovations to Highland's existing upper and middle school facilities, (iv) the construction and equipping of a new lower/middle school gymnasium containing approximately 20,500 square feet, (v) site construction to include additional parking, athletic field additions and renovations, and utility additions and relocations, and (vi) other capital projects that further the exempt purpose of Highland, all of which are or will be located on the Highland's campus located at 597 Broadview Avenue, Warrenton, Virginia 20186; (2) refunding all or a portion of the Authority's Educational Facilities Revenue Bond (Highland School, Inc.) Series 1995, issued originally on December 22, 1995 for purposes of constructing, renovating, and equipping various capital improvements to Highland's facility located in the Town of Warrenton, Virginia; (3) financing capitalized interest; and (4) financing cost of issuing the bonds (collectively, the "Project"), and has held a public hearing on September 29, 2008; and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), provides that the governmental unit having jurisdiction over the issuer of private activity bonds and over the area in which any facility financed with the proceeds of private activity bonds is located must approve the issuance of the bonds;
WHEREAS, the Authority issues its bonds on behalf of the County of Fauquier, Virginia (the "County"); the Project to be located in the County and the Board of Supervisors of the County of Fauquier, Virginia (the "Board") constitutes the highest elected governmental unit of the County; and
WHEREAS, the Authority has recommended that the Board approve the issuance of the Bonds; and
WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, subject to the terms to be agreed upon, a certificate of the public hearing and a Fiscal Impact Statement have been filed with the Board; now, therefore, be it
RESOLVED by the Fauquier County Board of Supervisors this 9th day of October 2008, That:
1. The Board approves the issuance of the Bonds by the Authority for the benefit of Highland as required by Section 147(f) of the Code and Section l5.2-4906 of the Code of Virginia of 1950, as amended ("Virginia Code") to permit the Authority to assist in the financing of the Project.
2. The approval of the issuance of the Bonds does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or Highland.
3. This resolution shall take effect immediately upon its adoption.
A Copy Teste
Paul S. McCulla