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A Resolution approving a Project for the benefit of Carlow University (the "University") to be financed by the Authority for Improvements in Municipalities by the issuance of the Authority’s tax-exempt or taxable bonds and/or notes, to be issued in one or more series, in the aggregate principal amount not in excess of $36,000,000 (but expected to be approximately $31,000,000), provided that the taxing power of the County of Allegheny, Pennsylvania, shall not be obligated in any way with respect to the Bonds (hereinafter defined), 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, the University, 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 tax-exempt and/or taxable bonds and/or notes in an aggregate principal amount not in excess of $36,000,000 (but expected to be approximately $31,000,000) (the "Bonds") by the Authority for Improvements in Municipalities (the "Authority"); and
Whereas, the Project (“Project”) shall consist of all or any portions (as determined by the University) of the following:
(a) Financing: (i) all or a portion of the costs of constructing, renovating, equipping, and furnishing: (a) St. Joseph’s Hall Fitness Center; (b) Curran Hall Simulation Space; and (c) miscellaneous capital projects on the University's main campus devoted to the University’s exempt activities; (ii) the funding of capitalized interest, as necessary or desired; (iii) the funding of any necessary debt service reserves; and (iv) all or a portion of the costs of such financing, including the cost of any credit enhancement and/or costs of issuance of such financing; and
(b) Financing: (i) the advance refunding of all or a portion of the Allegheny County Higher Education Building Authority University Revenue Bonds, S...
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