title
Resolution declaring the financing of a project by the Allegheny County Higher Education Building Authority on behalf of Robert Morris University as desirable for the health, safety, and welfare of the people in the County.
body
Whereas, Robert Morris University, 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 $17,000,000 (the "Bonds") by the Allegheny County Higher Education Building Authority (the "Authority"), the costs of: all or a portion of the costs of (i) refinancing all or a portion of the Authority's $19,370,000 College Revenue Bonds, Series A of 1996 (Robert Morris College) (the "Prior Bonds"), (ii) funding of any necessary reserves, and (iii) payment of all or part of the costs of issuing the Bonds, including without limitation the costs of obtaining and/or liquidity enhancement for the Bonds (collectively, the "Project"); and
Whereas, the Prior Bonds were issued for the purpose of financing or refinancing various capital projects at the University's campus (the "Prior Projects"; the assets and facilities financed or to be financed with proceeds of the Bonds and the Prior Bonds are referred to collectively as the "Project Facilities"); 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 and that the purposes of the Act can be fulfilled by the Authority's issuance of bonds in order to obtain funds to loan to the University for the foregoing purposes; and
Whereas, Section 5607(b)(2)(iv) of the Act provides, among other things, that school building projec...
Click here for full text