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File #: 10875-18    Version: 1 Name:
Type: Resolution Status: Enacted
File created: 11/16/2018 In control: Chief Clerk
On agenda: Final action: 12/4/2018
Title: 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 two or more series, to be designated "Allegheny County Higher Education Building Authority, Carnegie Mellon University Revenue Bonds, Series A of 2019" and "Allegheny County Higher Education Building Authority, Carnegie Mellon University Revenue Bonds, Series B of 2019" (or such other designations as may be determined by the Authority and the University), in an aggregate principal amount not to exceed $125,000,000 (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.
Sponsors: Chief Executive
Attachments: 1. 19-18-RE 10875-18.pdf
title
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 two or more series, to be designated "Allegheny County Higher Education Building Authority, Carnegie Mellon University Revenue Bonds, Series A of 2019" and "Allegheny County Higher Education Building Authority, Carnegie Mellon University Revenue Bonds, Series B of 2019" (or such other designations as may be determined by the Authority and the University), in an aggregate principal amount not to exceed $125,000,000 (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 the outstanding Pennsylvania Higher Educational Facilities Authority Carnegie Mellon University Revenue Bonds, Series 2009 (the "Prior Bonds"), 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 location of the facilities included in the Project are at various addresses throughout the County, all of which are owned by the Borrower; and

Whereas, the Authority was created by 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...

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