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A Resolution approving a Project for the benefit of the University of Pittsburgh Medical Center (UPMC) to be financed by the Allegheny County Hospital Development Authority (the “Authority”) by the issuance of the Authority's tax-exempt or taxable bonds, a portion of which may be issued as commercial paper, to be issued in one or more series, in the aggregate principal amount not in excess of $350,000,000, provided that the taxing power of the County of Allegheny, Pennsylvania, shall not be obligated in any way with respect to the Bonds (hereinafter defined), and determining that the purpose of the financing will be to benefit the health and welfare of the citizens of Allegheny County, Pennsylvania.
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Whereas, UPMC, a nonprofit corporation organized under the laws of the Commonwealth of Pennsylvania, desires to undertake a project, as hereinafter defined, to be financed, through the issuance of one or more series of tax-exempt or taxable bonds, a portion of which may be issued as commercial paper, in an aggregate principal amount not expected to exceed $350,000,000 (the "Bonds") by the Authority; and
Whereas, the Project (“Project”) shall collectively consist of all or any portions (as determined by UPMC) of the following:
(a) reimburse UPMC for previously incurred capital expenditures for hospital and/or health care facilities; and
(b) finance certain new capital costs to be incurred by UPMC; and
(c) refund or restructure all or a portion of the Authority's outstanding (1) Health Center Revenue Bonds, Series 1990 A, B, C, and D (Presbyterian-University Health System, Inc.); (2) Health Center Revenue Refunding Bonds, Series 1992B (Presbyterian University Health System, Inc. Project); (3) Health Center Revenue Bonds, Series 1998A (UPMC Health System); (4) Health Center Revenue Bonds, Series 1998 (Canterbury Place); and (5) Variable Rate Demand Revenue Bonds, Series 2003 (UPMC Senior Communities, Inc.); and
(d) refund or restru...
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