Presenter
Presented by Mr. Peduto
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 further amend the existing Amended and Restated Cooperation and Support Agreement (Operating) between the parties.
Body
WHEREAS, the Allegheny Regional Asset District (the "District"), the Carnegie Library of Pittsburgh (the "Regional Asset"), Allegheny County (the "County") and the City (collectively the "Parties") entered into a Cooperation and Support Agreement for the benefit of the Regional Asset dated March 20, 1995 (the "Original Cooperation Agreement") pursuant to which the District agreed to provide a minimum level of financial support to the Regional Asset through the 2004 fiscal period of the District; and
WHEREAS, subsequently, at the request of the Regional Asset, the Allegheny County Industrial Development Authority (the "Authority") authorized and approved the financing of a capital improvement project (the "2002 Project") involving certain renovations of the Main Branch and other branch libraries (Brookline, Homewood, Squirrel Hill, Woods Run and either Mt. Washington or West End) and issued $14,510,000 in aggregate principle amount of bonds (the "2002 Bonds") under and pursuant to a Trust Indenture between it and National City Bank of Pennsylvania ("Trustee"); and
WHEREAS, the proceeds of the 2002 Bonds were loaned to the Regional Asset under a Loan Agreement, dated as of November 1, 2002, between the Authority and the Regional Asset; and
WHEREAS, pursuant to Resolution No. 17, effective February 8, 2002, City Council authorized the Mayor to enter an Agreement or Agreements with the remaining Parties as needed to facilitate the 2002 Project and the corresponding bond financing plan; and
WHEREAS, in order to provide security for the Regional Asset's loan obligations, the Parties amended the Original Coope...
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