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A Resolution approving a project for the benefit of Jefferson Regional Medical Center (the "Corporation"), to be financed by the Allegheny County Hospital Development Authority (the “Authority”) by the issuance of the Authority's tax-exempt or taxable bonds, to be issued in one or more series, in the aggregate principal amount not expected to exceed $15,000,000, provided that the taxing power of the County of Allegheny, Pennsylvania (the “County”), shall not be obligated in any way with respect to the Bonds (hereinafter defined), and determining that the purpose of the financing will be to benefit the health and welfare of the citizens of Allegheny County, Pennsylvania.
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Whereas, the Corporation, a nonprofit corporation organized under the laws of the Commonwealth of Pennsylvania, desires to undertake a project, as hereinafter defined, to be financed, through the issuance of one or more series of bonds in an aggregate principal amount not expected to exceed $15,000,000 (the "Bonds") by the Authority; and
Whereas, the Project (“Project”) shall collectively consist of all or any portions (as determined by the Corporation) of the following:
(a) miscellaneous capital projects (the "Capital Projects") at the Corporation's main facility (such facilities are referred to collectively as the "Project Facilities"); and
(b) funding any necessary reserves; and
(c) issuance of the Bonds, including, but not limited to, the costs of providing credit and/or liquidity enhancement for the Bonds (collectively, the "Project"); and
Whereas, Section 5607(a)(14) of the Municipality Authorities Act (the "Act") provides that the Authority may finance buildings and facilities of hospitals and health centers if the municipality creating the Authority approves said buildings and facilities by resolution or ordinance and the approval does not obligate the taxing power of the municipality in any such way; and
Whereas, the Authority was created by the County of Allegheny, Pennsylvania (the "County") under the Municipality Authorities Act, as amended (the "Act"), and is authorized under the Act to issue its bonds for the purposes aforesaid, and the Authority has determined that the public interest will be served and that the purposes of the Act can be furthered by the Authority's issuance of bonds in order to obtain funds to loan to the Corporation for the foregoing purposes; and
Whereas, Section 5607(b)(2)(iv) of the Act provides, among other things, that hospital projects or health centers to be leased to or financed with loans to public hospitals, nonprofit corporation health centers or nonprofit hospital corporations serving the public, such as the Corporation, may be financed by an authority created under the Act, if the municipality organizing such authority declares by resolution or ordinance that it is desirable for the health, safety and welfare of the people in the area served by such projects and facilities to have such projects and facilities provided by, or financed through, such authority; and
Whereas, the location of the facilities included in the Project are at various addresses throughout Allegheny County all of which are owned by the Corporation; and
Whereas, the following resolution is also adopted to give effect to the provisions of the Municipality Authorities Act, Act No. 22 of 2001, as amended by Act No. 110 of 2001, 53 Pa.C.S. Section 5601 et seq., including without limitation Section 5607(a)(14) thereof; and
Whereas, neither the Bonds nor the approval granted hereby shall obligate taxing power of the County of Allegheny in any way, and shall be limited obligations of the Authority, payable solely from the revenues pledged by the Authority for such payment.
The Council of the County of Allegheny hereby resolves as follows:
Section 1. Incorporation of Preamble.
The provisions set forth in the preamble to this Resolution are incorporated by reference in their entity herein.
Section 2. Terms Defined.
Terms used in the Recitals to these Resolutions are herein used as therein defined.
Section 3. Approval of Project and Bonds.
For the purposes set forth in the Recitals, and subject to the limitations set forth in the last Recital stated above, the County of Allegheny, Pennsylvania, acting by and through its County Council, hereby declares that:
A. The Project and the financing of the Project through the issuance of the Bonds are hereby approved and such approval shall not obligate the taxing power of the County of Allegheny in any way; and
B. It is desirable for the health, safety and welfare of the people of the County of Allegheny to have the Project financed through the Authority.
Section 4. Severability. 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 5. Repealer. 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.
SUMMARY OF LEGISLATION
JEFFERSON REGIONAL MEDICAL CENTER
SUBMITTED FOR COUNCIL MEETING JUNE 17, 2008
On behalf of the Jefferson Regional Medical Center (the “Corporation”), a non-profit corporation, the Allegheny County Hospital Development Authority (the “Authority”) intends to issue tax-exempt or taxable bonds (the “Bonds”) in an aggregate principal amount not expected to exceed $15,000,000. The Bonds will finance the costs of the following:
¨ miscellaneous capital projects (the "Capital Projects") at the Corporation's main facility.
Additionally, the proceeds of the Bonds will fund any necessary reserves and pay all or a portion of the costs of issuance, including the costs of providing credit enhancement for the Bonds.
As is typical with these transactions issued through the Hospital Development Authority, the Bonds are limited obligations, of the Authority, payable solely from the project or from the Corporation.