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A Resolution approving a project for the benefit of Robert Morris University (the "University"), to be financed by the Allegheny County Higher Education Building 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 $22,000,000, provided that the taxing power of the County of Allegheny, Pennsylvania, 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 University, 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 tax-exempt or taxable bonds in an aggregate principal amount not expected to exceed $22,000,000 (the "Bonds") by the Allegheny County Higher Education Building Authority (the "Authority"), and
Whereas, the Project (“Project”) shall collectively consist of all or any portions (as determined by the University) of the following:
(a) construction, equipping and furnishing of various master plan projects at the University's main campus; and
(b) miscellaneous capital expenditures now being incurred and expected to be incurred at the University's main campus and downtown Pittsburgh campus (the projects described in clauses (a) and (b) are referred to collectively as the "Capital Projects" and the facilities at which the Capital Projects will be located are referred to collectively as the "Project Facilities"); and
(c) funding any necessary reserves; and
(d) the costs relating to the 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)(15) of...
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