A Resolution of the County of Allegheny approving a project for the benefit of Chatham University to be financed by the Allegheny County Higher Education Building Authority by the issuance of the Authority's revenue obligations to be issued in aggregate principal amount not in excess of $18,000,000, provided that the taxing power of the County of Allegheny, Pennsylvania, shall not be obligated in any way with respect to the obligations, and determining that the purpose of the financing will be to benefit the health and welfare of the citizens of Allegheny County, Pennsylvania.
Whereas, Chatham University (the "University") has requested that the Allegheny County Higher Education Building Authority (the "Authority") finance the "Project" hereinafter described by the issuance of the Authority's revenue obligations (the "Obligations") in an aggregate principal amount not in excess of $18,000,000; 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 the public interest will be served and that the purposes of the Act can be furthered by the Authority's issuance of bonds in order to obtain funds to loan to the University for the foregoing purposes; and
Whereas, the Project includes: (i) constructing a residence hall and a commons building containing a dining hall, classrooms, and a student lounge at the University's Eden Hall Farms Campus located at 6035 Ridge Road, Gibsonia, Allegheny County, Pennsylvania 15044; and (ii) the payment of all or a portion of the costs of issuing the Obligations (collectively, the "Project"); and
Whereas, 53 Pa. C.S.A Section 5607(b)(2)(iv) of the Act provides, among other things, that school building projects and facilities, such as the Project and the facilities at which the Project will be located, to be financed with ...
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