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Resolution approving a Project for the benefit of Jefferson Regional Medical Center (formerly South Hills Health System) to be financed by the Allegheny County Hospital Development Authority by the issuance of the Authority's Bonds as hereinafter described to be issued in an aggregate principal amount not in excess of $15,000,000, provided that the taxing power of the County of Allegheny, Pennsylvania, shall not be obligated in any way with respect to the Bonds, and determining that the purpose of the financing will be to benefit the health, safety and welfare of the citizens of Allegheny County, Pennsylvania, and constituting the elected official approval required by Section 147 of the Internal Revenue Code of 1986, as amended.
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Whereas, Jefferson Regional Medical Center, a nonprofit corporation organized under the laws of the Commonwealth of Pennsylvania (the “Corporation”), has requested that the Allegheny County Hospital Development Authority (the “Authority”) finance the “Project” hereafter described by the issuance of the Authority's Hospital Revenue Bonds (Jefferson Regional Medical Center) Series 2007 or similar designation (the “Bonds”) in one or more series in an aggregate principal amount not expected to exceed $15,000,000; and
Whereas, the Project (“Project”) shall consist of all or any portion (as determined by the Corporation) of the following:
(a) refinancing all or a portion of the Authority's outstanding $14,775,000 Allegheny County Hospital Development Authority Hospital Revenue Bonds, Series B of 2000 (South Hills Health System Project) (the “Prior Bonds”),
(b) funding of any necessary reserves, and
(c) payment of all or part of the costs of issuing the Bonds including, but not limited to, the costs of providing credit enhancement for the Bonds; and
Whereas, the Prior Bonds were issued for the purpose of financing the costs of various capital projects, including the establishment of a cardiac surgery pro...
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