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A Resolution of the Council of the County of Allegheny adopting and authorizing financing of a project by the Allegheny County Hospital Development Authority (the “Authority”) on behalf of The Center for Emergency Medicine of Western Pennsylvania (“CEM”) as desirable for the health, safety, and welfare of the people in Allegheny County.
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Whereas, CEM, a nonprofit corporation organized under the laws of the Commonwealth of Pennsylvania, desires to undertake a project consisting of the financing of all or a portion of the costs of (i) the acquisition of up to two (2) Eurocopter EC135 medical helicopters and medical interiors for each of two (2) Eurocopter EC145 medical helicopters (collectively, the “Equipment”) and (ii) the payment of costs of the financing (collectively, the "Project"); and
Whereas, in order to complete the Project, the Authority, the Borrower and General Electric Capital Corporation, or an affiliate thereof, and its assigns (the “Lender”) will enter into one or more Master Financing Agreements and one or more schedules thereto (collectively, the “Master Financing Agreements”) pursuant to which the Lender shall loan to the Authority a principal amount not to exceed $11,000,000 (the “Loan”), and the Authority will provide the proceeds of the Loan to the Borrower to acquire the Equipment; and
Whereas, pursuant to the Master Financing Agreements, CEM will agree to make payments to the Lender which are sufficient to make all payments due on the Loan (the “Obligations”) when the same become due and payable; 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 enter into financing arrangements 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 entering into such f...
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