| This Authority is included under the umbrella organization "Finance and Development Commission." The Allegheny County Industrial Development Authority (the "ACIDA") was established on August 23, 1967 under and pursuant to the provisions of the Economic Development Financing Law of the Commonwealth of Pennsylvania, the Act of August 23, 1967, P.L. 251, as amended (the "IDA Act"). The ACIDA was approved by the Allegheny County Board of Commissioners on November 20, 1969, while its Articles of Incorporation were approved by the Commonwealth on December 9, 1969. Obligations are issued by the ACIDA to provide for the construction, improvement, rehabilitation, revitalization and financing of industrial, specialized, commercial, manufacturing and research and development enterprises, for the public purpose of creating and maintaining employment opportunities, eliminating and preventing blight, eliminating and reducing air and water pollution, and creating and developing business opportunities within Allegheny County. The rate and term of financing is negotiated. The interest income from the bonds may be exempt from federal and Commonwealth income taxes which results in a reduced interest rate to the borrower. An interest in the project must be obtained by the ACIDA and may rest with the Authority until the debt is fully retired; equitable interest may remain with the developer. All proposals are evaluated on the basis of their compliance with local, state, and federal governments.
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