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Resolution declaring the financing of a project by the Allegheny County Hospital Development Authority on behalf of Jefferson Regional Medical Center (formerly South Hills Health System) as desirable for the health, safety and welfare of the people in the County.
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Whereas, Jefferson Regional Medical Center, a nonprofit corporation organized under the laws of the Commonwealth of Pennsylvania (the "Corporation"), 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 $22,000,000 of Hospital Variable Rate Revenue Bonds, Series 2006 (Jefferson Regional Medical Center) or similar designation (the “Variable Rate Bonds”) and the issuance of one or more series of bonds in an aggregate principal amount not expected to exceed $23,000,000 of Hospital Fixed Rate Revenue Bonds, Series 2006 (Jefferson Regional Medical Center) or similar designation (the "Fixed Rate Bonds" and together with the Variable Rate Bonds, the “Bonds”) by the Allegheny County Hospital Development Authority (the "Authority"), the costs of: all or a portion of the costs of (i) refinancing all or a portion of the Authority's outstanding $52,250,000 Allegheny County Hospital Development Authority Hospital Revenue Bonds, Series A of 1996 (South Hills Health System Project) (the "Prior Bonds"), (ii) funding of any necessary reserves, and (iii) payment of all or part of the costs of issuing the Bonds including, but not limited to, the costs of providing credit and/or liquidity enhancement for the Bonds (collectively, the "Project"); and
Whereas, the Prior Bonds were issued for the purpose of financing various capital projects and the refunding of the Authority's Hospital Revenue Bonds, Series 1987A (South Hills Health System Project) (the "1987 Bonds"), which were issued to finance the costs various capital projects at the Corporation's facilities (the capital projects financed wi...
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