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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 by the issuance of the Authority's Revenue Bonds (UPMC) Series 2007 to be issued in aggregate principal amount not in excess of $120,000,000, provided that the taxing power of the County of Allegheny, Pennsylvania, shall not be obligated in any way with respect to the Bonds, and determining that the purpose of the financing will be to benefit the health and welfare of the citizens of Allegheny County, Pennsylvania, and constituting the elected official approval required by Section 147 of the Internal Revenue Code of 1986, as amended.
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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 $120,000,000 (the "Bonds") by the Allegheny County Hospital Development Authority (the "Authority"); and
Whereas, the Project (“Project”) shall consist of all or any portions (as determined by UPMC) of the following:
(a) all or a portion of the costs of reimbursing UPMC for previously incurred capital expenditures for hospital and/or healthcare facilities; and
(b) financing of certain new capital costs to be incurred by UPMC; and
(c) the refunding of the Authority's outstanding Healthcare Facilities Revenue Note, Series 2004 (Chapel Harbor Project) (the “Prior Debt”); and
(d) paying 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 an...
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