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File #: 12840-23    Version: 1 Name:
Type: Resolution Status: Enacted
File created: 10/20/2023 In control: Chief Clerk
On agenda: 10/24/2023 Final action: 11/14/2023
Title: A Resolution approving a project for the benefit of Duquesne University of the Holy Spirit, a Pennsylvania non-profit corporation (the "University"), to be financed by the Allegheny County Higher Education Building Authority (the "Authority") by the issuance of the Authority's taxable and/or tax-exempt revenue bonds, in one or more series, in an aggregate principal amount not to exceed $35,000,000 (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. 12840-23 Summary of Legislation.docx, 2. 09-23-RE 12840-23.pdf
title
A Resolution approving a project for the benefit of Duquesne University of the Holy Spirit, a Pennsylvania non-profit corporation (the "University"), to be financed by the Allegheny County Higher Education Building Authority (the "Authority") by the issuance of the Authority's taxable and/or tax-exempt revenue bonds, in one or more series, in an aggregate principal amount not to exceed $35,000,000 (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 University 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: (a) various capital expenditures and projects at the University's facilities; (b) funding of any necessary reserves; and (c) paying 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 the following addresses within the County: 600 Forbes Avenue, Pittsburgh, PA 15282; 1323 Forbes Avenue, Pittsburgh, PA 15219; and other addresses in the County, all of which are owned by the University; 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 in order to obtain funds to loan to the University 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 financ...

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