TITLE
Resolution declaring the financing of a project by the Allegheny County Higher Education Building Authority on behalf of Duquesne University of The Holy Spirit as desirable for the health, safety and welfare of the people in the County.
BODY
WHEREAS, Duquesne University of the Holy Spirit, a nonprofit corporation organized under the laws of the Commonwealth of Pennsylvania (the "University"), desires to undertake a project consisting of financing, through the issuance of one or more series of bonds in an aggregate principal amount not expected to exceed $39,000,000 (the "Bonds") by the Allegheny County Higher Education Building Authority (the "Authority"), the costs of: (i) all or a portion of the costs of acquiring the "Citiline Towers" building for use as a student housing facility and making various capital improvements to such facility, (ii) various capital expenditures, including renovating, furnishing and equipping the fifth floor of Fisher Hall, acquiring and installing an HVAC system in the School of Music building, other capital expenditures from the University's capital budget over approximately the next two years, and other miscellaneous capital expenditures, (iii) the advance refunding of the Allegheny County Higher Education Building Authority University Revenue Refunding Bonds, Series A of 2001 (Duquesne University Project) (the "2001 Bonds"), (iv) payment of capitalized interest on the Bonds, (v) funding any necessary reserves, and (vi) paying all or a portion of the costs of issuance of the Bonds, including without limitation the costs of providing credit and/or liquidity enhancement for the Bonds (collectively, the "2004 Project"); and
WHEREAS, the 2001 Bonds were issued for the purpose of refunding the $12,400,000 aggregate principal amount of Pennsylvania Higher Educational Facilities Authority University Revenue Refunding Bonds (Duquesne University Project), Series A of 1991 (the "1991 PHEFA Bonds"); and
WHEREAS, the 1991 PHEFA Bonds were issued for the purpose of refunding the Pennsylvania Higher Educational Facilities Authority Fixed Rate College Revenue Bonds, 1986 A (Duquesne University Project) and Adjustable Rate College Revenue Bonds, 1986 Series B (Duquesne University Project), and the Authority's Fixed Rate Refunding Bonds Series of 1985 (Duquesne University of the Holy Ghost Project) (collectively, the "1985/86 Bonds"), the proceeds of which were used to finance or refinance various capital projects, including, but not limited to the costs of constructing, furnishing and equipping the Forbes Avenue Parking Garage and the A.J. Palumbo Center and administrative building renovations (together, the "Prior Projects"; the assets and facilities financed or to be financed with proceeds of the Bonds, the 2001 Bonds, the 1991 PHEFA Bonds and the 1985/86 Bonds are referred to collectively as the "Project Facilities"); 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 loan to the University for the foregoing purposes; and
WHEREAS, Section 5607(b)(2)(iv) of the Act provides, among other things, that school building projects and facilities such as the Project Facilities to be financed with loans to private, nonprofit, nonsectarian universities such as the University may be financed by an authority created under the Act, notwithstanding that such projects and facilities may duplicate or compete with existing enterprises serving substantially the same purposes, 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 enacts as follows:
SECTION 1 - RESOLUTION
It is hereby declared that it is desirable for the health, safety and welfare of the people of the County to have the 2004 Project and the Project Facilities financed through the Authority.
SECTION 2 - 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 3 - 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.