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A Resolution approving a project for the benefit of Jefferson Regional Medical Center (the "Corporation"), to be financed by the Allegheny County Hospital Development Authority (the “Authority”) by the issuance of the Authority's tax-exempt or taxable bonds, to be issued in one or more series, in the aggregate principal amount not expected to exceed $15,000,000, provided that the taxing power of the County of Allegheny, Pennsylvania (the “County”), shall not be obligated in any way with respect to the Bonds (hereinafter defined), and determining that the purpose of the financing will be to benefit the health and welfare of the citizens of Allegheny County, Pennsylvania.
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Whereas, the Corporation, a nonprofit corporation organized under the laws of the Commonwealth of Pennsylvania, desires to undertake a project, as hereinafter defined, to be financed, through the issuance of one or more series of bonds in an aggregate principal amount not expected to exceed $15,000,000 (the "Bonds") by the Authority; and
Whereas, the Project (“Project”) shall collectively consist of all or any portions (as determined by the Corporation) of the following:
(a) miscellaneous capital projects (the "Capital Projects") at the Corporation's main facility (such facilities are referred to collectively as the "Project Facilities"); and
(b) funding any necessary reserves; and
(c) issuance of the Bonds, including, but not limited to, the costs of providing credit and/or liquidity enhancement for the Bonds (collectively, the "Project"); and
Whereas, Section 5607(a)(14) of the Municipality Authorities Act (the "Act") provides that the Authority may finance buildings and facilities of hospitals and health centers if the municipality creating the Authority approves said buildings and facilities by resolution or ordinance and the approval does not obligate the taxing power of the municipality in any such way; and
Whereas, the Authority was created by the...
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