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An Ordinance of the County of Allegheny amending the debt ordinance enacted September 10, 2002 and numbered 38-02, as amended October 8, 2002, by Resolution Number 55-02.
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Whereas, on September 10, 2002, the County of Allegheny (the “County”) enacted Ordinance No. 38-02 (the “2002 Ordinance”) authorizing lease rental debt in an aggregate principal amount not to exceed $65 million by entering into a Guaranty Agreement (the “Guaranty Agreement”) with the Allegheny County Industrial Development Authority (the “Authority”) pursuant to which the County agreed to guaranty the payment of debt service on the Authority's Guaranteed Revenue Bonds (Allegheny County Office Building Project) Series 2002A and Series 2002B (together, the “Bonds”); and
Whereas, the Authority intended to construct an eight story office building with a portion of the proceeds of the Bonds but has subsequently determined, at the request of the County, to discontinue the development of the office building; and
Whereas, the County advised the Authority that it desired that the Authority authorize an alternate use of a portion of the proceeds of the Bonds, such use being, upon the request of the County, purchasing, renovating, repairing, improving, equipping and furnishing existing buildings as well as constructing, equipping and furnishing new structures or improving infrastructure located within the geopolitical boundaries of the County by the Authority; and
Whereas, the Authority authorized such a use of the proceeds by Resolution adopted May 26, 2004; and
Whereas, this change in the project description will require the County to amend its 2002 Ordinance, in compliance with the Local Government Unit Debt Act, and will require that certain amendments be made to the Guaranty Agreement.
The Council of the County of Allegheny hereby enacts as follows:
SECTION 1.
The fourth 'whereas' paragraph in Ordinance No. 38-02 is hereby deleted in its entirety and repla...
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