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A Resolution approving a project for the benefit of Carnegie Mellon University (the "Borrower") to be financed by the Allegheny County Higher Education Building Authority (the "Authority") by the issuance of the Authority's tax-exempt revenue bonds, in one or more series, to be designated "Allegheny County Higher Education Building Authority, Carnegie Mellon University Revenue Bonds, Series of 2017" or such other designation as may be determined by the Authority and the University, in an aggregate principal amount not to exceed $85,000,000 (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 County.
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Whereas, the Borrower operates a higher educational institution and has requested that the Authority undertake a project consisting of the financing of all or a portion of the costs of (i) refunding of a portion of the outstanding Pennsylvania Higher Educational Facilities Authority outstanding Carnegie Mellon University Revenue Bonds, Series 2009, and certain taxable indebtedness of the University (together, the "Prior Debt"), and (ii) paying all or a portion of the related financing costs, all of which are collectively hereinafter referred to as the "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 or other obligations 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 obligations in order to obtain funds to loan to the Borrower for the foregoing purposes; and
Whereas, Section 5607(b)(2)(iv) of the Act provides that the Authority...
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