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An Ordinance of the County of Allegheny amending the debt ordinance enacted September 10, 2002 and numbered 38-02, as amended October 8, 2002, by Resolution Number 55-02.
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Whereas, on September 10, 2002, the County of Allegheny (the “County”) enacted Ordinance No. 38-02 (the “2002 Ordinance”) authorizing lease rental debt in an aggregate principal amount not to exceed $65 million by entering into a Guaranty Agreement (the “Guaranty Agreement”) with the Allegheny County Industrial Development Authority (the “Authority”) pursuant to which the County agreed to guaranty the payment of debt service on the Authority's Guaranteed Revenue Bonds (Allegheny County Office Building Project) Series 2002A and Series 2002B (together, the “Bonds”); and
Whereas, the Authority intended to construct an eight story office building with a portion of the proceeds of the Bonds but has subsequently determined, at the request of the County, to discontinue the development of the office building; and
Whereas, the County advised the Authority that it desired that the Authority authorize an alternate use of a portion of the proceeds of the Bonds, such use being, upon the request of the County, purchasing, renovating, repairing, improving, equipping and furnishing existing buildings as well as constructing, equipping and furnishing new structures or improving infrastructure located within the geopolitical boundaries of the County by the Authority; and
Whereas, the Authority authorized such a use of the proceeds by Resolution adopted May 26, 2004; and
Whereas, this change in the project description will require the County to amend its 2002 Ordinance, in compliance with the Local Government Unit Debt Act, and will require that certain amendments be made to the Guaranty Agreement.
The Council of the County of Allegheny hereby enacts as follows:
SECTION 1.
The fourth 'whereas' paragraph in Ordinance No. 38-02 is hereby deleted in its entirety and replaced with the following “whereas” clause:
Whereas, the County has requested that the Authority demolish the Jail Annex Building previously known as the Jones Law Building and, upon the request of the County, purchase existing buildings, construct new structures and make improvements to infrastructure located within the geopolitical boundaries of the County (hereinafter referred to as the “Structures”) to be used by the County as office space, infrastructure, or otherwise, and improve, renovate, repair, furnish and equip, as the case may be, said Structures (the demolition cost of the Jail Annex Building and the cost of constructing, purchasing, improving, renovating, repairing, furnishing and equipping said Structures, together with the capitalized interest and costs of issuance of the Bonds and the refunding of certain bonds previously issued by the Authority with respect to the Premises, is collectively referred to as the “Project”).
SECTION 2.
The term “Building” as used in the fifth “whereas” clause of Ordinance No. 38-02 shall be replaced with the term “Structures” and shall have the meaning set forth herein.
SECTION 3.
The definition of “Project” in the Guaranty Agreement shall be amended to delete references to the “construction, equipping and furnishing of a new 8-story office building” in subsection (i) and shall instead recite the “purchase of existing buildings, construction of new structures and improving infrastructure, and the improvement, renovation, repair, furnishing and equipping of new or existing buildings located within the geopolitical boundaries of the County to be used by the County as office space, or otherwise.”
SECTION 4.
All references to the “Building” in the Guaranty Agreement shall be read and understood to mean buildings to be constructed, purchased, improved, renovated and repaired with a portion of the proceeds of the Bonds, and to the furnishing and equipping thereof. Upon the advice of the County Solicitor and the Solicitor to the Authority, the Guaranty Agreement may be further amended to conform its provisions to the revised Project definition.
SECTION 5.
The requirement of Section 7 (c) of the Guaranty Agreement shall be amended to provide that the County shall enter into a lease agreement with respect to at least one of the existing buildings to be built, purchased, improved, renovated and repaired with a portion of the proceeds of the Bonds as aforesaid.
SECTION 6.
All other non-conflicting provisions of the Guaranty Agreement shall remain in full force and effect.
SECTION 7.
All projects funded by the lease rental debt authorized by Ordinance No. 38-02, ratified by Resolution No. 55-02, except for the purchase of one building and lot, shall be approved by County Council prior to action by the Authority on said project.
SECTION 8. Severability If any provision of this Ordinance shall be determined to be
unlawful, invalid, void or unenforceable, then that provision shall be considered severable
from the remaining provisions of this Ordinance which shall be in full force and effect.
SECTION 9. Repealer Any Resolution or Ordinance or part thereof conflicting with the
provisions of this Ordinance is hereby repealed so far as the same affects this Ordinance.