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A Resolution approving a project for the benefit of Presbyterian SeniorCare ("PSC") and Longwood at Oakmont, Inc. ("Longwood" and, together with PSC, the “Borrowers”) to be financed by the Authority for Improvements in Municipalities (the “Authority”) by the issuance of the Authority’s tax-exempt or federally taxable, as applicable, revenue bonds, in one or more series, to be designated as may be determined by the Authority, the Borrowers and the underwriter of the Bonds (hereinafter defined), in a maximum aggregate principal amount not to exceed $90,000,000 (the “Bonds”), 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, and declaring the financing of such project as desirable for the health, safety and welfare of the people in the County and in the area served by the project.
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Whereas, the Borrowers operate certain health centers, as defined in the Act (hereinafter defined), located in the County and in the Township of South Strabane, Washington County, Pennsylvania, including Longwood at Oakmont (Verona, PA, owned by Longwood), Westminster Place (Oakmont, PA, owned by PSC), Southminster Place (South Strabane Township, PA, owned by PSC) and Woodside Place at Washington (South Strabane Township, PA, owned by PSC); and
Whereas, the Borrowers have requested that the Authority undertake a project consisting of the financing of all or a portion of the costs of (i) refunding the Allegheny County Industrial Development Authority’s (the “ACIDA”) Health Facilities Revenue Bonds, Series 2010 (Presbyterian SeniorCare), the Authority’s Revenue Note, Series 2017 (Presbyterian SeniorCare - Woodside Place at Washington Project) and the ACIDA’s Variable Rate Health Care Facilities Revenue Bonds, Series 2011 (Longwood at Oakmont, Inc.) consisting of Variable Rate Health Care Facilities Revenue Bonds, Series 2011A and Variable Rate Health Care Facilities Revenue Bonds...
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