2018-60 Ordinance Authorizing the City of Decatur of Macon County, Illinois to Borrow Funds from the Water Pollution Control Loan Program, McKinley Sewer Rehabilitation Project, City Project 2017-22

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WHEREAS, the loan to the City of Decatur shall be made pursuant to a Loan Agreement, including certain terms and conditions between the City of Decatur and the Illinois Environmental Protection Agency; NOW THEREFORE, be it ordained by the Corporate Authorities of the City of Decatur, Macon County, Illinois, as follows: SECTION 1. INCORPORATION OF PREAMBLES The corporate Authorities hereby find that the recitals contained in the preambles are true and correct, and incorporate them into this Ordinance by this reference. SECTION 2. DETERMINATION TO BORROW FUNDS It is necessary and in the best interests of the City of Decatur to construct the Project for the public health, safety, and welfare, in accordance with the plans and specifications, as described; that the System continues to be operated in accordance with the provisions of the Illinois Environmental Protection Act, 415 ILCS 5/1 et seq.; and that for the purpose of constructing the Project, it is hereby authorized that funds be borrowed by the City of Decatur in the aggregate principal amount (which can include construction period interest financed over the term of the loan)not to exceed Seven Million,Nine Hundred Thousand Dollars ($7,900,000.00), SECTION 3. ADDITIONAL ORDINANCES The Corporate Authorities may adopt additional ordinances or proceedings supplementing or amending this Ordinance, providing for entering into the Loan Agreement with the Illinois Environmental Protection Agency, prescribing all the details of the Loan Agreement, and providing for the collection, segregation and distribution of revenues of the System, so long as the maximum amount of the Loan Agreement as set forth in this Ordinance is not exceeded and there is no material change in the project or purposes described herein. Any additional ordinances or proceedings shall in all instances become effective in accordance with the Act or other applicable laws. This Ordinance, together with such additional ordinances or proceedings, shall constitute complete authority for entering into the Loan Agreement under applicable law. However, notwithstanding the above, the City of Decatur may not adopt additional ordinances or amendments which provide for any substantive or material change in the scope and intent of this Ordinance, including but not limited to interest rate, preference or priority of any other ordinance with this Ordinance, parity of any other ordinance with this Ordinance, or otherwise alter or impair the obligation of the City of Decatur to pay the principal and interest due to the Water Pollution Control Loan Program without the written consent of the Illinois Environmental Protection Agency. 2