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ORDINANCE NO. U <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF DEBT TO FINANCE MSC <br /> AND LIBRARY ROOFS AND LIBRARY HVAC PROJECT <br /> BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DECATUR, <br /> ILLINOIS,IN THE EXERCISE OF ITS HOME RULE POWERS,AS FOLLOWS: <br /> Section 1. That for the purpose of financing the MSC and library roofs and library <br /> HVAC project,the City borrow money from a bank or other financial institution authorized to do <br /> business in the State of Illinois (the "Bank") and evidence such borrowing through the execution <br /> of a loan agreement or the issuance of a promissory note pursuant to a loan agreement(the"Loan"). <br /> The Loan shall be repaid within [five] years and shall bear interest at a rate not to exceed 5.1%per <br /> annum. The obligation to make Loan payments shall be a lawful direct general obligation of the <br /> City payable from the general funds of the City and such other sources of payment as are otherwise <br /> lawfully available. <br /> Section 2. That the Mayor, City Clerk and CFO, any other officers of the City as <br /> appropriate, are hereby authorized and directed to (i) approve and execute the Loan and (ii) take <br /> any action as may be required on the part of the City to consummate the transactions contemplated <br /> by the Loan. Prior to the execution of the Loan, the CFO shall find and determine that no person <br /> holding any office of the City, either by election or appointment, is in any manner interested, <br /> directly or indirectly, in his or her own name or in the name of any other person, association, trust <br /> or corporation, in the Bank. The City may designate the Loan as a "qualified tax-exempt <br /> obligation" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as <br /> amended. <br /> Section 3. That the CFO is hereby authorized to use Loan funds to pay for the expenses <br /> related to the MSC and library roofs and library HVAC project. <br /> PRESENTED and ADOPTED this 21"day of August, 2023. <br /> AYES: Dane �L "m(krl &I Lip , � nis Cmiy_r, PA- k16A n1*% I <br /> U Su -704"4 baylo Horn � t %or . <br /> NAYS: II <br /> ABSENT: t3U nc:l�- jn �yr� I'J/ I <br /> l�►I^►� c <br /> /ulie Moore Wolfe, Mayo <br /> T ST: , <br /> Kimberl lthoff, Cit le <br />