title
A Resolution approving a project for the benefit of West Penn Allegheny Foundation, LLC, a Pennsylvania limited liability company (the “Borrower”) having West Penn Allegheny Health System, Inc. (“WPAHS”), an exempt organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as its sole corporate member and, as such, a disregarded entity for federal income tax purposes, to be financed by the Allegheny County Hospital Development Authority (the "Authority") by the issuance of the Authority's tax-exempt notes, in one or more series, in an aggregate principal amount not to exceed $55,000,000 (the "Notes"), provided that the taxing power of the County of Allegheny, Pennsylvania (the "County") shall not be obligated in any way with respect to the Notes, and declaring the financing of such project as desirable for the health, safety, and welfare of the people in the area where the facilities being financed are located.
body
Whereas, WPAHS operates hospitals and health facilities and has requested that the Authority undertake a project consisting of (i) the acquisition of four medical helicopters (the “Helicopters”) to be located primarily at Canonsburg Hospital, Clarion Hospital, Indiana Regional Medical Center, Butler County Airport, Rostraver Airport, Allegheny General Hospital, West Penn Hospital, Forbes Regional Hospital, Allegheny Valley Hospital, Jefferson Regional Hospital, St. Vincent Hospital, Grove City Hospital and Wexford Hospital; and (ii) paying the related financing costs, which collectively are referred to herein as the "Project"; and
Whereas, the Authority was created by the County under the Municipality Authorities Act, as amended (the "Act"), and is authorized under the Act to issue its bonds, notes or other obligations to support hospitals and health centers, and the Authority has determined that the public interest will be served and that the purposes of the Act can be furthered by the Authority's issuance of oblig...
Click here for full text