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Resolution of the County of Allegheny (the "County") acknowledging that the require public notice of the County's desire to enter into lease rental debt has been duly published in a newspaper of general circulation and that the County ratifies Ordinance 38-02 in accordance with the Local Government Unit Debt Act, which Ordinance provides for the incurrance of lease rental debt in an aggregate principal amount not to exceed sixty five million dollars ($65,000,000) by entering into a Guaranty Agreement (the "Guaranty Agreement") with the Allegheny County Industrial Development Authority (the "Authority"): determining that such lease rental debt shall be evidenced by the Guaranty Agreement by which the County agrees
to guaranty the debt service on the Allegheny County Industrial Development Authority bonds to be issued by the Authority in one or more series of bonds in an aggregate principal amount of up to $65,000,000; authorizing and directing the proper officers of the County (a) to prepare to certify and to file the debt statement required by section 8110 of the Pennsylvania Local Government Unit Debt Act; and (b) to execute, to attest and to deliver, as appropriate, the
Guaranty Agreement between the County and said Authority; approving the form of said Guaranty Agreement; specifying the maximum amount of the County obligation pursuant to said Guaranty Agreement and the sources of payment of such guaranty obligation and pledging the full faith, credit and taxing power of the County in support of such debt obligation; providing for
proper officers of the County to take all other required, necessary or desirable related action in connection with said project and said Guaranty Agreement; providing for the effectiveness of this ordinance; providing for the severability of provisions of this ordinance: and providing for repeal of all inconsistent ordinances or resolutions or parts of ordinances or resolutions.
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Whereas, the County of Allegheny acknowledging that the required public notice of the County's desire to enter into lease rental debt has been duly published in a newspaper of general circulation and hereby ratifies Ordinance 38-02 in accordance with the Pennsylvania Local Government Unit Debt Act; and
Whereas, Ordinance 38-02 authorized and directed the proper office of the County of Allegheny to prepare, certify and file the debt statement required by Section 8110 of the Pennsylvania Local Government Unit Debt Act.
The Council of the County of Allegheny enacts as follows:
Section 1. Allegheny County Council acknowledges that the required public notice of the County's desire to enter into lease rental debt has been duly published in a newspaper of general circulation and hereby ratifies Ordinance 38-02 in accordance with the Pennsylvania Local Government Unit Debt Act.
Section 2. Ordinance 38-02, attached hereto and a part hereof, authorizes (i) the incurrence of lease rental debt in the form of a County Guaranty in the maximum principal amount of $65,000,000, (ii) pledges the County's full faith, credit and taxing power to secure such lease rental debt, (iii) provides that the useful life of the construction of an office building for County use in excess of 40 years, (iv) the appropriate County officer to prepare, certify and file the debt statement under Section 8110 of the Debt Act, (v) execute and deliver the Guaranty, and all other necessary action, (vi) to prepare and file statements to qualify the lease rental debt as self liquidating or subsidized debt, (vii) to execute any lease or other agreement, annual or semi-annual payment to be paid thereunder, and (viii) convenants to budget, appropriate and pay the amounts payable with respect to the Guaranty, in such maximum annual amounts as attached hereto as Exhibit A.
Section 3. If any provision of this Resolution shall be determined to be unlawful, invalid, void or unenforceable, then that provision shall be considered severable from the remaining provisions of this Resolution which shall be in full force and effect.
Section 4. Any Resolution or Ordinance or part thereof conflicting with the provisions of this Resolution is hereby repealed so far as the same affects this Resolution.
Enacted in Council, this ___ day of _____________, 2002
Council Agenda No. ________________
_______________________________
James E. Simms
President of Council
Attest:_______________________________
John Mascio
Chief Clerk of Council
Approved as to form:_______________________________
George Janoscko
Acting County Solicitor
Chief Executive Office ________________, 2002.
Approved: ___________________________________
James C. Roddey
Chief Executive
Attest: __________________________________
Victoria Spence
Executive Secretary