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A Resolution approving a project for the benefit of the Pauline Auberle Foundation (the “Foundation”) to be financed by the Authority for Improvements in Municipalities by the issuance of a Note(s) through the Authority, in an aggregate principal amount not to exceed $2,000,000, provided that the taxing power of the County of Allegheny, Pennsylvania, shall not be obligated in any way with respect to the Note, 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 Pauline Auberle Foundation (the “Foundation”), a nonprofit corporation organized under the laws of the Commonwealth of Pennsylvania, desires to undertake a project consisting of the financing, through the issuance of a note in an aggregate principal amount not expected to exceed $2,000,000 (the "Note") by the Authority for Improvements in Municipalities (the "Authority"); and
Whereas, the Project (the “Project”) shall consist of all or any portions (as determined by the Foundation) of the following:
(a) constructing a 24-bed, health center facility; and
(b) payment of all or a portion of the costs of issuance of the Note; 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 fulfilled by the Authority's issuance of the Note in order to obtain funds to lend to the Foundation for the foregoing purposes; and
Whereas, Section 5607(b)(2)(iv) of the Act provides, among other things, that health centers to be financed with loans to nonprofit health corporations serving the public, such as that proposed by the Foundation, may be financed by an authority created under the Act, if the mu...
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