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Declaring that it is desirable for the health, safety and welfare of the people in the area served by Temple University Hospital, Inc. (the "Hospital"), a Pennsylvania nonprofit corporation, in the vicinity of 3401 North Broad street, for the Hospitals and Higher Education Facilities Authority of Philadelphia (the "Authority") to undertake a project whereby the Authority will finance the costs of the development and construction of a multi-level ambulatory health care building and other hospital improvements and related costs.
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WHEREAS, The Hospitals and Higher Education Facilities Authority of Philadelphia was duly incorporated under the provisions of the Municipality Authorities Act of 1945, Act of May 2, 1945, P.L. 382, as amended; and
WHEREAS, Ordinance No. 020361, adopted by the Council of the City of Philadelphia (the "City Council") on June 13, 2002 and signed by the Mayor on June 26, 2002, declared it desirable for the health, safety and welfare of the people in the area served by the Hospital for the Authority to issue its tax-exempt hospital revenue bonds in an aggregate principal amount not to exceed $46,000,000 and lend the proceeds thereof to the Hospital for the purpose of financing all or a portion of the Project described in Section 1 below; and
WHEREAS, the Authority has not, to date, issued any bonds pursuant to the declaration contained in Ordinance No. 020361; and
WHEREAS, The Hospital has requested that the Authority increase the maximum aggregate principal amount of the hospital revenue bonds indicated in Ordinance No. 020361 and issue its Hospital Revenue Bonds, Temple University Hospital Project, (the "Bonds") in one or more series (taxable or tax-exempt) in an aggregate principal amount not to exceed $75,000,000 and lend the proceeds thereof to the Hospital for the purpose of financing all or a portion of the Project described in Section 1 below; and
WHEREAS, The Authority requests that City Council revoke the de...
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