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 "Bon...
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