title
Resolution authorizing the Mayor to enter into the 2020-2024 Amended and Restated Cooperation and Support Agreement (Operating) with The Allegheny Regional Asset District, The Carnegie Library of Pittsburgh, and Allegheny County and to enter into an Amendment or Amendments thereto, and ratifying prior actions.
body
WHEREAS, the Carnegie Library of Pittsburgh (the "Regional Asset"), the Allegheny Regional Asset District (the "District"), Allegheny County (the "County") and the City are parties to an Amended and Restated Cooperation and Support Agreement (Operating), effective January 1, 2020 (the "Existing Cooperation Agreement"), pursuant to which the District has agreed to provide financial support to the Regional Asset at certain times and in certain amounts, which Existing Cooperation Agreement is an amendment and restatement of a series of previous cooperation and support agreements, including amendments and restatements thereto, originally entered into among the same parties in 1995, which provided for parity asset funding from the District to the Regional Asset for an original ten year period through December 2004 and three additional terms of five years each (such previous agreements being collectively referred to as the "Original Cooperation Agreement"); and,
WHEREAS, the Allegheny County Industrial Development Authority (the "Authority") issued its Regional Asset District Revenue Bonds, Series of 2002 (Carnegie Library of Pittsburgh) in aggregate principal amount of $14,510,000 (the "2002 Bonds") under and pursuant to an Indenture of Trust, dated as of November 1, 2002 (the "Original Indenture"), by and between the Authority and National City Bank of Pennsylvania, as trustee, whose successor in interest as such trustee is U.S. Bank National Association (the "Trustee"); and
WHEREAS, the proceeds of the 2002 Bonds were loaned to the Regional Asset pursuant to a Loan Agreement by and between the Regional Asset and the Authority, dated as of Novem...
Click here for full text