TITLE
Resolution declaring the financing of a project by the Allegheny County Higher Education Building Authority on behalf of Duquesne University of The Holy Spirit as desirable for the health, safety and welfare of the people in the County.
BODY
WHEREAS, Duquesne University of the Holy Spirit, a nonprofit corporation organized under the laws of the Commonwealth of Pennsylvania (the "University"), 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 $39,000,000 (the "Bonds") by the Allegheny County Higher Education Building Authority (the "Authority"), the costs of: (i) all or a portion of the costs of acquiring the "Citiline Towers" building for use as a student housing facility and making various capital improvements to such facility, (ii) various capital expenditures, including renovating, furnishing and equipping the fifth floor of Fisher Hall, acquiring and installing an HVAC system in the School of Music building, other capital expenditures from the University's capital budget over approximately the next two years, and other miscellaneous capital expenditures, (iii) the advance refunding of the Allegheny County Higher Education Building Authority University Revenue Refunding Bonds, Series A of 2001 (Duquesne University Project) (the "2001 Bonds"), (iv) payment of capitalized interest on the Bonds, (v) funding any necessary reserves, and (vi) paying all or a portion of the costs of issuance of the Bonds, including without limitation the costs of providing credit and/or liquidity enhancement for the Bonds (collectively, the "2004 Project"); and
WHEREAS, the 2001 Bonds were issued for the purpose of refunding the $12,400,000 aggregate principal amount of Pennsylvania Higher Educational Facilities Authority University Revenue Refunding Bonds (Duquesne University Project), Series A of 1991 (the "1991 PHEFA Bonds"); and
WHEREAS, the...
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