TITLE
Resolution approving a project and the financing thereof by the Allegheny County Higher Education Building Authority on behalf of Waynesburg College and declaring such project as desirable for the health, safety, and welfare of the people in Southwestern Pennsylvania.
BODY
Whereas, Waynesburg College, a nonprofit corporation organized under the laws of the Commonwealth of Pennsylvania (the “College”), has requested the Allegheny County Higher Education Building Authority (the “Authority”) issue one or more series of bonds in an aggregate principal amount not expected to exceed $13,000,000 (the “Bonds”) to finance a project on behalf of the College consisting of: (1) the costs and expenses of the construction and equipment of facilities on the College's campus in Waynesburg, Pennsylvania, including a new dormitory and certain other capital improvements (the “2007 Project”); (2) the refunding of certain outstanding bonds previously issued by the Pennsylvania Higher Educational Facilities Authority for the benefit of the College (the “Prior Project”); (3) the funding of a Debt Service Reserve Fund for the Bonds; and (4) the payment of all or a portion of the costs of issuance of the Bonds (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 Waynesburg College is an eligible educational institution under the Act, 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 the College for the foregoing purposes; and
Whereas, Section 5607(a)(15) of the Act provides that the Authority may finance buildings and facilities of private non-profit colleges and universities if the municipality creati...
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