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Resolution of the County of Allegheny regarding the issuance by Allegheny County Hospital Development Authority of its University of Pittsburgh Medical Center Revenue Bonds, Series 2004B to finance all or a portion of a Project, and making certain findings.
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Whereas, the Allegheny County Hospital Development Authority (the "Authority") is a body corporate and politic duly organized, existing and in good standing under the laws of the Commonwealth of Pennsylvania (the "Commonwealth"), pursuant to the provisions of the Municipality Authorities Act, 53 Pa. C.S.A. §5601 et seq., as amended (the "Act"), the purpose and intent of which is to benefit the people of the Commonwealth by, among other things, increasing their commerce, health, safety and prosperity; and
Whereas, the Authority is authorized by law to acquire, hold, construct, finance, improve, maintain, operate, own and lease as lessee or lessor, hospitals and health centers, to borrow money, to make and issue negotiable bonds and to secure the payment of such bonds or any part thereof by pledge or deed of trust of all or any of its revenues and receipts, and to make such agreements with the purchasers or holders of such bonds, or with others in connection with any such bonds, whether issued or to be issued, as the Authority shall deem advisable; and
Whereas, the Authority has heretofore issued its Health Center Revenue Bonds, Series 1993 (University of Pittsburgh Medical Center System Project) (the “Prior Bonds”) which are currently outstanding in the aggregate principal amount of $11,990,000, on behalf of UPMC Health System (“UPMC”); and
Whereas, UPMC desires to undertake a project (the “Project”) consisting of (a) the refunding of the Prior Bonds, (b) the financing of the cost of acquiring, constructing and equipping certain renovations, improvements and other capital expenditures relating to the facilities of UPMC, its subsidiary hospitals and other affiliates devoted to the...
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