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A Resolution approving a project for the benefit of UPMC (the "Borrower") to be financed by the Allegheny County Hospital Development Authority (the "Authority") by the issuance of the Authority's tax-exempt revenue bonds, in one or more series, to be designated "Allegheny County Hospital Development Authority, UPMC Revenue Bonds, Series 2017D" or such other designation as may be determined by the Authority and the University, in an aggregate principal amount not to exceed $500,000,000 (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 has requested that the Authority undertake a project consisting of the financing of all or a portion of the costs of (i) certain capital expenditures at various facilities of UPMC and its affiliates in the County, 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 may provide financing for projects to be leased to or financed with loans to private, nonprofit, nonsectarian colleges and universities if the municipality organizing the Authority declares by resolution or ordinance that it is desirable for the health...
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