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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 (“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 the acquisition of a Eurocopter EC145 medical helicopter (the “Equipment”) and the payment of the costs of the financing (collectively, the "Project"); and
Whereas, in order to complete the Project, the Authority, the Borrower and GE Capital Public Finance, Inc. (the “Lender”) will enter into a Master Financing Agreement and one or more schedules thereto (collectively, the “Master Financing Agreement”) pursuant to which the Lender shall loan to the Authority a principal amount not to exceed $5,800,000 (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 Agreement, 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 financing arrangements in order to obtain funds to lend to CEM for the foregoing purposes; and
Whereas, Section 5607(b)(2)(iv) of the Act provides, among other things, that hospital facilities ...
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