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A Resolution of the Council of the County of Allegheny declaring the financing of a project by the Allegheny County Hospital Development Authority on behalf of the Children's Institute of Pittsburgh as desirable for the health, safety, and welfare of the people of the County.
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Whereas, The Children's Institute of Pittsburgh (the "Institute"), 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 (the "Bonds") in an aggregate principal amount not expected to exceed $25,500,000 by the Allegheny County Hospital Development Authority (the "Authority"), the costs of: (i) all or a portion of the costs of purchasing property (bordered by Shady, Denniston and Wilkins Avenues and Northumberland Street; Pittsburgh, Pennsylvania 15217) for use in its various programs which provide post-acute pediatric rehabilitation and educational services and all or a portion of the costs of renovating and equipping such property (as improved, the "Project Facilities"); (ii) funding any necessary reserves; and (iii) paying 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 (collectively, the "2005 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 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 Institute for the foregoing purposes; and
Whereas, Section 5607(b)(2)(iv) of the Act provides, among other things, that health centers and school building projects and facilities such ...
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