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A Resolution of the Council of the County of Allegheny approving a project and the financing thereof by the Allegheny County Higher Education Building Authority on behalf of Waynesburg College and declaring such project as desirable for the health, safety, and welfare of the people in Southwestern Pennsylvania.
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Whereas, Waynesburg College, a nonprofit corporation organized under the laws of the Commonwealth of Pennsylvania (the “College”), has requested the Allegheny County Higher Education Building Authority (the “Authority”) to issue one or more series of bonds in an aggregate principal amount not expected to exceed $13,500,000 (the “Bonds”) to finance a project on behalf of the College consisting of: (1) the costs and expenses of the construction and equipment of capital facilities on the College's campus in Waynesburg, Pennsylvania, including a new recreation center complex, an addition to the Benedum cafeteria and certain other capital improvements (the “2006 Project”); (2) the refunding of certain outstanding bonds previously issued by the Pennsylvania Higher Education Facilities Authority for the benefit of the College (the “Prior Project”); (3) the funding of a Debt Service Reserve Fund for the Bonds; and (4) the payment of all or a portion of the costs of issuance of the Bonds (collectively the “Project”); 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 fulfilled by the Authority's issuance of bonds in order to obtain funds to lend to the College for the foregoing purposes; and
Whereas, Section 5607(a)(15) of the Act provides that the Authority may finance buildings and facilities of private non-profit colleges and universities if the municipality creating the Authority approves said buildings and facilities by resolution or ordinance and that the approval does not obligate the taxing power of the municipality in any such way; and
Whereas, Section 5607(b)(2)(iv) of the Act provides, among other things, that colleges and projects to be financed with loans to nonprofit corporations serving the public, such as the College, 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.
The Council of the County of Allegheny hereby resolves as follows:
Section 1. Incorporation of the Preamble.
The provisions set forth in the preamble to this Resolution are incorporated by reference as set forth in their entirety herein.
Section 2. Approval and Declaration.
A. The 2006 Project, the Prior Project, and the financing of the Project are hereby approved and such approval does not obligate the taxing power of the County of Allegheny in any way.
B. It is hereby declared that it is desirable for the health, safety and welfare of the people in Southwestern Pennsylvania to have the Project financed through the Authority.
Section 3. 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 4. 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.