Title
Declaring that it is desirable for the health, safety and welfare of the people in the area served by Centralized Comprehensive Human Services, Inc. t/a/ John F. Kennedy Community Mental Health/Mental Retardation Center (the "Borrower") for The Hospitals and Higher Education Facilities Authority of Philadelphia to issue its bonds and to loan the proceeds therefrom to finance and refinance a project for the Borrower located at 112 North Broad Street, Philadelphia, Pennsylvania.
Body
WHEREAS, The Hospitals and Higher Education Facilities Authority of Philadelphia (the "Authority"), a body politic and corporate, was incorporated on February 9, 1974, pursuant to an Ordinance dated January 28, 1974, under the Municipality Authorities Act, Ch. 56 Act 22-2001, as amended (the "Act"); and
WHEREAS, the Act specifies, inter alia, the purpose of an Authority shall be for "acquiring, holding, constructing, financing, improving, maintaining and operating, owning or leasing, either in the capacity of lessor or lessee, projects of the following kind and character and providing financing for insurance reserves: . . . hospitals and health centers . . . "; and
WHEREAS, Centralized Comprehensive Human Services, Inc. t/a/ John F. Kennedy Community Mental Health/Mental Retardation Center (the "Borrower"), a Pennsylvania nonprofit corporation, located at 112 North Broad Street, Philadelphia, Pennsylvania, plans to undertake a project (the "Project") consisting of the (a) refunding of the Authority's (Community Mental Health/Retardation and Rehabilitation Service Providers Facilities Acquisition Program) Revenue Bonds, Series 1992; (b) acquisition of new computer equipment; (c) refinancing of an existing construction loan; (d) reduction of the amount outstanding on an existing line of credit; (e) funding of a reserve fund and (f) payment of costs of issuance; and
WHEREAS, the Borrower has requested the Authority to issue its Revenue Bonds in the aggregate principal a...
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