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A Resolution approving a project for the benefit of Heritage Valley Health System, Inc., a nonprofit corporation duly organized and existing under the laws of the Commonwealth of Pennsylvania and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Borrower”), to be financed by the Allegheny County Hospital Development Authority (the "Authority") by the issuance of the Authority's tax-exempt and/or taxable bonds, in one or more series, in an aggregate principal amount not to exceed $95,000,000 (the "Bonds"), provided that the taxing power of the County of Allegheny, Pennsylvania (the "County") shall not be obligated in any way with respect to the Bonds, and declaring the financing of such project as desirable for the health, safety, and welfare of the people in the area where the facilities being financed are located.
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Whereas, the Borrower operates hospitals and health facilities and has requested that the Authority undertake a project consisting of (a) refunding all of the Authority’s currently outstanding Convertible Revenue Bonds, Series 2019A (Heritage Valley Health System, Inc.) and Revenue Bonds, Series 2019B (Ohio Valley General Hospital); (b) funding the costs of capital expenditures, up to $40 million, related to constructing, acquiring and equipping certain renovations, additions and other capital projects relating to the health care facilities of the Borrower devoted to its exempt activities, including the reimbursement of prior capital expenditures; (c) funding working capital for general corporate purposes; (d) funding any required debt service reserve fund with respect to the Bonds; and (e) paying all or a portion of the costs of issuance of the Bonds, which collectively are referred to herein as the "Project"; and
Whereas, the Authority was created by the County under the Municipality Authorities Act, as amended (the "Act"), and is authorized under the Act to issue its notes, bonds o...
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