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AN ORDINANCE providing for the issuance of not to exceed <br /> $9,300,000 General Obligation Bonds of the City of Decatur,Macon <br /> County, Illinois, to finance one or more of the following: refunding <br /> certain outstanding bonds of said City,improving the Decatur Public <br /> Library and resurfacing and improving the Decatur Public Library <br /> parking lot;authorizing designated officials to sell said bonds by the <br /> execution of one or more notifications of sale;providing for the levy <br /> and collection of a direct annual tax sufficient to pay the principal <br /> and interest on said bonds and authorizing the sale of said bonds to <br /> the purchasers thereof;and further providing for the execution of an <br /> escrow agreement in connection with such issuance. <br /> (the "Bond Ordinance"). <br /> Council Member � � G i moved and Council Member <br /> seconded the motion that the Bond Ordinance as presented be adopted. <br /> A Council discussion of the matter followed. During the Council discussion, the Director <br /> of Finance gave a public recital of the nature of the matter,which included a reading of the title of <br /> the Bond Ordinance and statements (1)that the Bond Ordinance provides parameters for the <br /> issuance of general obligation bonds for the purposes of financing one or more of the following: <br /> refunding certain outstanding general obligation bonds for debt service savings (the "Refunding <br /> Bonds") and improving the Decatur Public Library and resurfacing and improving the Decatur <br /> Public Library parking lot(together,the "Project Bonds"), (2)that the bonds are issuable without <br /> referendum pursuant to the home rule powers of the City, (3)that the Refunding Bonds are being <br /> sold to Raymond James&Associates,Inc.and the Project Bonds are being sold to Raymond James <br /> &Associates, Inc. or a bank authorized to do business in Illinois, (4)that the sale of bonds will be <br /> by certain designated officials of the City, (5)that the Bond Ordinance provides for the levy of <br /> taxes to pay the bonds, (6)that the Bond Ordinance approves a form of escrow agreement to <br /> accomplish the refunding, and (7)that the Bond Ordinance provides many details for the bonds, <br /> including tax covenants for the Project Bonds, provision for terms and form of the bonds, and <br /> appropriations. <br />