TITLE
A Resolution of the Council of the County of Allegheny authorizing the issuance of up to $13,000,000 principal amount of Allegheny County Hospital Development Authority Obligations to acquire helicopters for use by Allegheny General Hospital, the financing to be provided by GE Capital Public Finance, Inc.
BODY
Whereas, the Allegheny County Hospital Development Authority (“Authority”) is organized under the Municipality Authorities Act, the Act of June 19, 2001, P.L. 22, as amended (the “Act”) for the purpose of acquiring, holding, constructing, financing, improving, maintaining and operating, owning and leasing, either in the capacity of lessor or lessee, buildings and facilities for hospital projects and health centers provided that such buildings and facilities shall be declared by resolution adopted by the appropriate official or officials of the County of Allegheny (“County”), Pennsylvania, to be desirable for the health, safety and welfare of the people in the area served by such facilities to have them financed through the Authority and further provided that such declaration does not obligate the taxing power of the County in any way; and
Whereas, in order to finance a project consisting of the acquisition of one or more medical evacuation helicopters for use at Allegheny General Hospital (the “Project”), Allegheny General Hospital (the “Hospital”) has requested that the Authority enter into a three party agreement, or supplement to the three party agreement executed and delivered between the parties in June 2001 (collectively, the “Master Financing Agreement”) among the Hospital, the Authority and GE Capital Public Finance, Inc. (the “Lender”), wherein, among other things, (i) the Lender shall agree to loan an amount not to exceed $13,000,000 to the Authority to finance the Project, (ii) the Authority shall agree to use such proceeds to purchase the medical evacuation helicopters as directed by the Hospital; (iii) the Authority shall agree...
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