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A Resolution approving a project for the benefit of Presbyterian SeniorCare (the "Borrower") to be financed by the Authority for Improvements in Municipalities (the "Authority") by the issuance of the Authority's tax-exempt revenue notes, in one or more series, to be designated "Authority for Improvements in Municipalities, Revenue Notes, Series 2017 (Presbyterian SeniorCare Project)" or such other designation as may be determined by the Authority and the Borrower, in a maximum aggregate principal amount not to exceed $12,500,000 (the "Notes"), provided that the taxing power of the County of Allegheny, Pennsylvania (the "County") shall not be obligated in any way with respect to the Notes, and declaring the financing of such project as desirable for the health, safety and welfare of the people in the County and in the area served by the project.
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Whereas, the Borrower operates a health center, as defined in the Act (hereinafter defined), and has requested that the Authority undertake a project consisting of the financing of all or a portion of the costs of (i) constructing, equipping and furnishing a 36-bed assisted living facility for Alzheimer’s and dementia patients, to be located in South Strabane Township, Washington County, Pennsylvania, 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 Pennsylvania 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 t...
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