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Resolution regarding the issuance by the Allegheny County Hospital Development Authority of its Hospital Revenue Note, Series of 2003 (Chapel Harbor Independent Living, Inc. project) for the benefit of Chapel Harbor Living, Inc., in the aggregate amount not to exceed $15,000,000 pursuant to the Municipality Authorities Act, 53 Pa.C.S.A. §5601, et. seq.
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WHEREAS, the Allegheny County Hospital Development Authority, a public body corporate and politic (the “Authority”), created under and pursuant to the laws of the Commonwealth of Pennsylvania (the “Commonwealth”), particularly the Municipality Authorities Act, 53 Pa.C.S.A. § 5601, et seq., as amended, (the “Act”), is authorized in furtherance of the public purposes described under the Act to, among other things, make available funds by issuing its revenue Note and entering into agreements in connection therewith to benefit the people of the Commonwealth by increasing their commerce, health and safety; and
WHEREAS, Chapel Harbor Independent Living, Inc. (the “Borrower”), a nonprofit corporation, organized and existing under the laws of the Commonwealth, has requested the Authority to issue its tax-exempt revenue note or notes, to be designated the Allegheny County Hospital Development Authority Hospital Revenue Note, Series 2003 (Chapel Harbor Independent Living, Inc. Project), in an aggregate principal amount not to exceed $15,000,000 (the “Note”); and
WHEREAS, the Note, together with other available funds, shall be used to finance a project consisting of: the funding of capital expenditures in furtherance of its exempt purposes and those of its affiliate, UPMC, and the payment of all or a portion of the financing costs; (collectively, the “Project”); and
WHEREAS, the Authority desires to assist the Borrower in the Project by issuing the Note and has determined that the Project will promote the health, safety and general welfare of the people of the Commonwealth and will further...
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