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A Resolution approving a Project for the benefit of Point Park University (the “University”) to be financed by the Allegheny County Higher Education Building 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 in excess of $35,000,000, provided that the taxing power of the County of Allegheny, Pennsylvania, 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 University, 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 tax-exempt or taxable bonds in an aggregate principal amount not expected to exceed $35,000,000 (the "Bonds") by the Allegheny County Higher Education Building Authority (the "Authority"); and
Whereas, the Project (“Project”) shall consist of all or any portions (as determined by the University) of the following:
(a) acquisition and renovation of 312, 322 and 330 Boulevard of the Allies and adjacent properties, the renovation of the Lawrence Hall lobby, and certain other capital expenditures for University purposes; and
(b) refinancing of $4,000,000 of debt previously incurred for a portion of such costs; and
(c) obtaining credit support and/or liquidity support, if necessary; and
(d) financing of certain costs of issuing the Bonds; and
(e) funding a debt service reserve and/or capitalized interest, if necessary (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 af...
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