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A Resolution of the Council of the County of Allegheny adopting and authorizing financing of a project by the Allegheny County Hospital Development Authority on behalf of UPMC as desirable for the health, safety, and welfare of the people in Allegheny County.
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Whereas, UPMC, a nonprofit corporation organized under the laws of the Commonwealth of Pennsylvania, 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 $320,000,000 (the "Bonds") by the Allegheny County Hospital Development Authority (the "Authority"), all or a portion of the costs of (a) capital expenditures at certain of UPMC's facilities within Allegheny County, in furtherance of UPMC's exempt purposes; (b) refunding all of the Authority's outstanding Health Center Revenue Bonds, Series of 1995 (University of Pittsburgh Medical Center System) (the “1995 Bonds”), and paying the premium thereon; (c) payment for capital expenditures related to the construction of a new Children's Hospital and Research Center in the City of Pittsburgh, (d) obtaining credit support and/or liquidity support, if necessary; and (e) payment of all or a portion of the financing costs , (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 UPMC for the foregoing purposes; and
Whereas, Section 5607(b)(2)(iv) of the Act provides, among other things, that hospital facilities and projects to be financed with loans to nonprofit hospital corporations serving the public, such as UPMC, may be financed...
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