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2024-53 An Ordinance Providing for the Issuance of not to Exceed $36,800,000 General Obligation Bonds of the City of Decatur, Macon County, Illinois, to Refund Certain Outstanding Bonds and to Finance Water System Infrastructure Improvements, Authorizing
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2024-53 An Ordinance Providing for the Issuance of not to Exceed $36,800,000 General Obligation Bonds of the City of Decatur, Macon County, Illinois, to Refund Certain Outstanding Bonds and to Finance Water System Infrastructure Improvements, Authorizing
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4/19/2024 9:40:04 AM
Creation date
4/19/2024 9:39:59 AM
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Resolution/Ordinance
Res Ord Num
2024-52
Res Ord Title
2024-52 An Ordinance Providing for the Issuance of not to Exceed $36,800,000 General Obligation Bonds of the City of Decatur, Macon County,
Department
Finance
Approved Date
4/15/2024
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A certified copy or other notification of any such proceedings abating Pledged Taxes shall be filed <br /> with the County Clerk in a timely manner to effect such abatement. <br /> Section 13. Filing with County Clerk. Promptly, as soon as this Ordinance becomes <br /> effective, a copy hereof, certified by the City Clerk, shall be filed with the County Clerk; and the <br /> County Clerk shall in and for each of the years 2024 to 2033, inclusive, ascertain the rate percent <br /> required to produce the aggregate tax hereinbefore provided to be levied as set forth in each of said <br /> years; and the County Clerk shall (to the extent said tax has not been abated as provided herein) <br /> extend the same for collection on the tax books in connection with other taxes levied in said years <br /> in and by the City for general corporate purposes of the City; and in said years such annual tax <br /> shall be levied and collected by and for and on behalf of the City in like manner as taxes for general <br /> corporate purposes for said years are levied and collected, and in addition to and in excess of all <br /> other taxes. <br /> Section 14. Sale of Bonds;Bond Notification;Bond Series. The Designated Officials are <br /> hereby authorized to proceed, without any further authorization or direction whatsoever from the <br /> Council,to sell and deliver the Bonds upon the terms as prescribed in this Section,pursuant to one <br /> or more Bond Notifications. Each series of Bonds shall be sold and delivered to the Purchaser at <br /> the price of not less than 96.0% of the principal amount thereof (exclusive of original issue <br /> discount, if any),plus accrued interest, if any,to the date of delivery. Such purchase price for the <br /> Bonds shall be set forth in the Bond Notification and shall include an allocation between Refunding <br /> Bonds and Project Bonds, if any. The sale of the Bonds shall be made upon the advice (in the <br /> form of a written certificate or report)of Speer that the terms of such Bonds are fair and reasonable <br /> in view of current conditions in the bond markets. As additional limitations on the sale of such <br /> Bonds, the Designated Officials shall find and determine that the Bonds have been sold at such <br /> price and bear interest at such rates that either the true interest cost(yield) or the net interest rate <br /> -24- <br />
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