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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 on behalf of UPMC as desirable for the health, safety, and welfare of the people in Allegheny County.
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Whereas, UPMC, a nonprofit corporation organized under the laws of the Commonwealth of Pennsylvania , desires to undertake a project consisting of financing, through the issuance of one or more series of bonds in an aggregate principal amount not expected to exceed $375,000,000 (the "Bonds") by the Allegheny County Hospital Development Authority (the "Authority"), all or a portion of the costs of (a) capital expenditures at certain of UPMC's facilities within Allegheny County, in furtherance of UPMC's exempt purposes; (b) refunding all of the Authority's outstanding Health Center Revenue Bonds, Series of 1997A (University of Pittsburgh Medical Center System) (the “1997A Bonds”), and a portion of the Authority's outstanding Health Center Revenue Bonds, Series 1997B (University of Pittsburgh Medical Center System) (the “1997B Bonds” and, together with the 1997A Bonds, the “Refunded 1997 Bonds”); (c) refunding all of the Authority's outstanding Health System Revenue Bonds, Catholic Health East Issue, Series 1998A and Series 2002 (the “Refunded Mercy Bonds” and, together with the Refunded 1997 Bonds, the “Refunded Bonds”); (d) obtaining credit support and/or liquidity support, if necessary; and (e) payment of all or a portion of the financing costs (collectively, the "Project"); 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 fu...
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