2019-200 Ordinance Amending an Ordinance Adopted by the Council of the City of Decatur, Illinois, Macon County, Illinois, on the 17th Day of June, 2019, Providing for the Issuance of not to Exceed $2,300,000 General Obligation Bonds of said City for Certa

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The achieved debt refunding principal and interest savings will exceed the originally projected principal and interest savings by approximately $450,000 over the remaining life of the debt to maturity on December 15, 2030. With this transaction, the city has saved approximately$77,000 per year to debt maturity. The additional savings achieved versus the projection of savings originally presented to the council was accomplished by favorable market condition timing of the transaction, as per our plan, and the result of the improved Moody's Credit Rating assigned to the City through the removal of the "negative outlook". The negative outlook was removed by City demonstration of improved financial condition with continued City efforts to achieve favorable general fund balanced budget results and the demonstrated building of general fund cash reserves. The original Ordinance request provided approval for the issuance of debt to secure funding for the financing of the resurfacing and improvements to the Decatur Public Library parking lot and provide the financing for improvements to the air handling system in the Decatur Public Library facility. Debt service principal and interest costs for the resurfacing and improvements to the Decatur Public Library parking lot and improvements to the air handling system in the Decatur Public Library facility,will be abated from the Property Tax levy with debt service costs payable from city revenues received from rent occupancy payments from the Decatur Public Library. Debt service principal and interest costs for the refunding of the Police Motorola Radios will be abated from the Property Tax Levy with debt service costs payable from city general fund revenues. This ordinance, expanding the project scope of city projects for which debt proceeds can be expended, provides the city with increased flexibility to finance additional measures of benefit to the City, in the delivery of services to taxpayers and stakeholders of the City. POTENTIAL OBJECTIONS: There are no known objections to this ordinance request. INPUT FROM OTHER SOURCES: Speer Financial, Inc., Debt Issuance Financial Advisor, Chapman &Cutler, LLP., Bond Counsel STAFF REFERENCES: Scot Wrighton, City Manager Gregg D. Zientara, City Treasurer&Director of Finance BUDGET/TIME IMPLICATIONS: Council passage of this ordinance will amend the 2019 budget to include revenue based on the proceeds received at the time of sale, provide the appropriation authority for the city to incur the transaction closing costs, and additional authority to incur costs associated with any capital improvement or equipment acquisition of benefit to the City. Page 2 of 2