Presenter
Presented by Mr. Udin
Title
Resolution authorizing the Mayor to enter into an Agreement or Agreements with The Allegheny Regional Asset District, The Carnegie Library of Pittsburgh, and Allegheny County to amend the existing Cooperation and Support agreement between the Parties.
Body
Be it resolved by the Council of the City of Pittsburgh hereby enacts as follows:
Section 1. WHEREAS, the Allegheny Regional Asset District (the "District"), the Carnegie Library of Pittsburgh (the "Regional Asset"), Allegheny County (the "County") and the City entered into a Cooperation and Support Agreement for the benefit of the Regional Asset dated March 20, 1995 (the "Cooperation Agreement"); and
WHEREAS, the Regional Asset has requested that the City, as owner of the Regional Asset, approve the financing plan described below:
1. The Allegheny County Industrial Development Authority (the "Authority") is a body corporate and politic existing under the laws of the Commonwealth of Pennsylvania pursuant to the Pennsylvania Economic Development Financing Law, Act No. 102, approved August 23, 1967, P.L. 251, as amended, including the amendments effected by Act No. 48, approved July 10, 1987, P.L. 273 and Act No. 74 of 1993, P.L. 490, as amended and supplemented, having been duly organized by the County.
2. At the request of the Regional Asset, the Authority has preliminarily authorized and will finally approve the financing of a capital improvement project for the benefit of the Regional Asset involving renovations of the Regional Asset's Main Library and other branches of the Regional Asset's system (the "Project").
3. The Authority has determined to issue approximately $15,000,000 in aggregate principal amount of bonds to be designated as its "Regional Asset District Sales Tax Revenue Bonds, Series of 2002 (Carnegie Library of Pittsburgh)"(the "2002 Bonds" and, together with all other series of bonds issued hereunder by the Authority, the "Bonds") under and pursuant to an Indenture of Trust to be entered into between the Authority and a trustee (the "Trustee").
4. The proceeds of the Bonds are to be loaned to the Regional Asset to be used for the Project pursuant to a Loan Agreement to be entered into between the Authority and the Regional Asset (said Loan Agreement, as hereafter amended and supplemented from time to time, being herein referred to as the "Loan Agreement").
5. Under the Loan Agreement, the Regional Asset is required to make loan payments sufficient to pay the principal or redemption price of and interest on the Bonds and all other amounts due thereunder when the same shall become due and payable.
6. In order to provide additional security for its obligations under the Loan Agreement, the Regional Asset has requested that the District 1) designate a certain portion of the annual grants (the "Assigned Receipts") to the Regional Asset and 2) disburse a pro-rata monthly portion of the said Assigned Receipts directly to the Trustee.
7. The Regional Asset has agreed to assign its interest in the Assigned Receipts to the Trustee.
WHEREAS, in order to effect this financing plan, the Cooperation Agreement must be amended, inter alia, to include an extension of the term through 2028.
Now therefore be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. The Mayor is authorized to enter into such Agreement or Agreements with the Allegheny Regional Asset District, the Carnegie Library of Pittsburgh, and Allegheny County as needed to effect the Project and the financing plan just described. The Agreement or Agreements shall be in a form approved by the City Solicitor.