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A Resolution of the County of Allegheny approving a project for the benefit of Point Park University to be financed by the Allegheny County Higher Education Building Authority by the issuance of the Authority's tax-exempt and/or taxable revenue obligations to be issued in an aggregate principal amount not in excess of $12,000,000, provided that the taxing power of the County of Allegheny, Pennsylvania, shall not be obligated in any way with respect to the obligations, and determining that the purpose of the financing will be to benefit the health and welfare of the citizens of Allegheny County, Pennsylvania.
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Whereas, Point Park University, a Pennsylvania nonprofit corporation (the "University"), has requested that the Allegheny County Higher Education Building Authority (the "Authority") finance the "Project" hereinafter described by the issuance of the Authority's tax-exempt and/or taxable revenue obligations (the "Obligations") in an aggregate principal amount not in excess of $12,000,000; and
Whereas, the Authority was created by the County of Allegheny, Pennsylvania (the "County") under the Municipality Authorities Act, Act No. 22 of 2001, 53 Pa. C.S.A. Section 5601 et seq., 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 furthered by the Authority's issuance of the Obligations in order to obtain funds to loan to the University for the below-stated purposes; and
Whereas, the Project includes: (i) the new construction of an 80,000 sq. ft. facility which will house a proscenium/thrust stage theater for 560 people; a “transformational” theater for 205 people; and a black box theater for 100 people, with support spaces, soundstage, scenery construction shop, and paint shop; (ii) the expansion and renovation of the existing library; and (iii) payment of certain costs of issuance of the O...
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