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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 Authority for Improvements in Municipalities on behalf of The Ellis School as desirable for the health, safety, and welfare of the people in Allegheny County.
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Whereas, The Ellis School, a nonprofit corporation organized under the laws of the Commonwealth of Pennsylvania, desires to undertake a project consisting of financing, through the issuance of bonds in an aggregate principal amount not expected to exceed $7,500,000 (the "Bonds") by the Allegheny County Authority for Improvements in Municipalities (the "Authority"), all or a portion of the costs of: (i) the advance refunding of the Moon Industrial Development Authority, Education Facilities Revenue Bonds, Series of 1999 (The Ellis School Project) currently outstanding in the principal amount of $6,590,000; (ii) the funding of any necessary reserves; and (iii) the payment of all or a portion of the costs of issuance of the Bonds; 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 issue its bonds 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 issuance of bonds in order to obtain funds to lend to The Ellis School for the foregoing purposes; and
Whereas, Section 5607(b)(2)(iv) of the Act provides, among other things, that school facilities, to be financed with loans to private, nonprofit, nonsectarian secondary schools, colleges and universities, such as The Ellis School, may be financed by an Authority created under the Act, if the municipality organizing such Authority declares by resolution or ordinance that it is desirable for the health, safety, and welfare of the people in the area served by ...
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