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An Ordinance of the County of Allegheny, Commonwealth of Pennsylvania, directing the Allegheny County Airport Authority to repay the sum of $42,500,000 to the County.
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WHEREAS, on or about July 29, 1999, the County of Allegheny formed the Allegheny County Airport Authority (the “Authority”) pursuant to the Municipality Authorities Act; and
WHEREAS, pursuant thereto, Allegheny County transferred Pittsburgh International Airport (“PIT”) and the County Airport in West Mifflin to the Authority for oversight, responsibility and for the full and prompt payment of all obligations with respect thereto (collectively the “Project”) pursuant to that certain agreement between the parties known as the “Airport Operation, Management and Transfer Agreement between Allegheny County, Pennsylvania and the Allegheny County Airport Authority” (the “Transfer Agreement”); and
WHEREAS, the County had previously issued its 1987 Series C-34 and other General Obligation Bonds (the “Bonds”) in the approximate sum of $42,500,000 toward the construction and development of the Midfield Terminal Project at PIT; and
WHEREAS, the Bonds are defined in Section 1.14 of the Transfer Agreement as “County Debt” to be paid by the Authority pursuant to Section 3.01 of the Transfer Agreement; and
WHEREAS, reimbursement to the County for the Bonds is therefore part of the Authority's obligations relative to the Project;
WHEREAS, to date, the Authority has failed to honor its obligation to reimburse the County for the Bonds; and
WHEREAS, by failing to honor said obligation, the Authority has not fully and properly performed its duties relative to the Project; and
WHEREAS, it is the intention by this Ordinance, to cause the prompt reimbursement of the County for the Bonds;
The Council of the County of Allegheny hereby enacts as follows:
SECTION 1. Incorporation of the Preamble
The provisions set forth in the preamble to this Ordinance are incorpora...
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