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File #: 11309-19    Version: 1 Name:
Type: Resolution Status: Enacted
File created: 11/15/2019 In control: Chief Clerk
On agenda: 11/19/2019 Final action: 12/10/2019
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 one or more series, to be designated "Allegheny County Higher Education Building Authority, Carnegie Mellon University Revenue Bonds, Series A of 2020" (or such other designation as may be determined by the Authority and the University), in an aggregate principal amount not to exceed $55,000,000 (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. 18-19-RE 11309-19.pdf
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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 A of 2020" (or such other designation as may be determined by the Authority and the University), in an aggregate principal amount not to exceed $55,000,000 (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, which operates a higher educational institution, has requested that the Authority undertake a project consisting of the financing of: (a) a portion of the costs of constructing Phase 1 and Phase 2 of the Borrower's Housing Master Plan, including without limitation construction of certain facilities to be used as student residences at the intersection of Fifth Avenue and Clyde Street and the intersection of Forbes Avenue and Beeler Street; and (b) all or a portion of the related financing costs, all of which are collectively hereinafter referred to as the "Project;" and

Whereas, the facilities included in the Project are located at 4723 Fifth Avenue, Pittsburgh, PA 15213 and 5705 Forbes Avenue, Pittsburgh, PA 15217 and at other addresses in 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, 53 Pa.C.S. Section 5601 et seq., (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...

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