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A Resolution approving a project for the benefit of Chatham University (the “Borrower”), an exempt organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, to be financed by the Allegheny County Higher Education Building Authority (the "Authority") by the issuance of the Authority's tax-exempt notes, in one or more series, in an aggregate principal amount not to exceed $11,000,000 (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 area where the facilities being financed are located.
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Whereas, the Authority, previously issued its Tax-Exempt Revenue Note, Series of 2014, in principal amount of $18,000,000 (the “Prior Note”), the proceeds of which were loaned to the University to assist it in financing costs of the construction of a residence hall and a commons building at the University's Eden Hall Farms Campus in Gibsonia, Pennsylvania, and payment of all or a portion of the costs of issuing the Prior Note; and
Whereas, the University has requested the Authority to assist in the financing of (i) refunding the outstanding Prior Note or, in lieu thereof, paying off any interim loan from Dollar Bank, Federal Savings Bank (the “Bank”) to the University advanced for the purpose of paying off the Prior Note on its maturity date, and (ii) all or a portion of the costs of issuing the Obligations (hereafter defined) (collectively, the “Project”); 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, notes or other obligations to support eligible educational institutions, and the Authority has determined that the public interest will be served and that the purposes of the Act can be furthered by ...
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