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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 on behalf of The Children's Home of Pittsburgh as desirable for the health, safety, and welfare of the people in Allegheny County.
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Whereas, The Children's Home of Pittsburgh, a nonprofit corporation organized under the laws of the Commonwealth of Pennsylvania, desires to undertake a project consisting of financing of, through the issuance of one or more series of bonds in an aggregate principal amount not expected to exceed $15,000,000 (the "Bonds") by the Allegheny County Hospital Development Authority (the "Authority"), all or a portion of the costs of (i) the acquisition, construction and equipping of a 65,194 square foot facility including a transitional infant care hospital, a pediatric extended care center, adoption services facilities and pediatric transitional care facilities, together with administrative offices of The Children's Home of Pittsburgh, situate at the corner of Penn and South Aiken Avenues, City of Pittsburgh, Allegheny County, Pennsylvania; (ii) the funding of capitalized interest and any necessary reserves; and (iii) the payment of 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; 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 lend to The Children's Home of Pittsburgh for the foregoing purposes; and
Whereas, Section 5607(b)(2)(iv) of the Act provides, among other things, ...
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