A Resolution approving a project for the benefit of Environmental Charter School at Frick Park (the "Borrower") to be financed by the Authority for Improvements in Municipalities (the "Authority") by the issuance of the Authority's tax-exempt note, to be issued in one or more series, in a principal amount not expected to exceed $6,000,000 (the "Note"), provided that the taxing power of the County of Allegheny, Pennsylvania (the "County") shall not be obligated in any way with respect to the Note, and declaring the financing of such project as desirable for the health, safety and welfare of the people in the County.
Whereas, the Borrower operates a public charter school and has requested that the Authority undertake a project consisting of the financing of all or a portion of the costs of: (i) paying a portion of the costs of acquiring a school building located at 829 Milton Street in the City of Pittsburgh (the "Upper School Building"), (ii) refinancing certain previously incurred indebtedness of the Borrower the proceeds of which financed the costs of renovating, equipping and furnishing the Upper School Building, and (iii) paying all or a portion of the related financing costs, all of which are collectively hereinafter referred to as 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 or other obligations 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 obligations in order to obtain funds to loan to the Borrower for the foregoing purposes; and
Whereas, Section 5607(b)(2)(iv) of the Act provides that the Authority may provide financing for public school building projects if the municipality organizing the Authority declares by resolution or ordinance that...
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