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Resolution regarding the Desirability of the Allegheny County Hospital Development Authority financing of improvements to The Covenant at South Hills, Inc. pursuant to the Provisions of the Municipality Authorities Act
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WHEREAS, on September 24, 2003, the Allegheny County Hospital Development Authority (the "Authority") authorized the issuance of bonds in the maximum principal amount of $3,700,000 on behalf of The Covenant at South Hills, Inc., a Pennsylvania nonprofit corporation, for the purpose of paying the costs of completing the construction and equipping of a continuing care retirement community (the "Community") located in Mt. Lebanon, Allegheny County; and
WHEREAS, the Community includes 126 independent living apartments, 60 assisted living/dementia units, and 46 skilled nursing beds and is located on property adjacent to Temple Emanuel on Bower Hill Road; and
WHEREAS, pursuant to the provisions of the Municipality Authorities Act, as amended, as a condition precedent to the provision of a loan for a health center, such as the Community, the municipality that organized the Authority is required to declare that the financing of the project through the Authority is desirable for the health, safety and welfare of the people in the area served by the health center; and
WHEREAS, the County of Allegheny is the municipality that has organized the Authority;
Be it resolved by the Council of Allegheny County as follows:
SECTION 1. That the County Council hereby declares that the financing of the completion of the development of the Community through the Authority is desirable for the health, safety and welfare of the people of Allegheny County.
SECTION 2. That no liability or undertaking by the Authority for the completion of the financing of the Community shall pledge the general credit of the Authority nor the general credit or taxing power of the County of Allegheny, or the Commonwealth of Pennsylvania, or any po...
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