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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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(b) as to the Bond Registrar, to maintain a list of Bondholders as set forth herein <br /> and to furnish such list to the City upon request,but otherwise to keep such list confidential <br /> to the extent permitted by law; <br /> (c) as to the Bond Registrar, to give notice of redemption of Bonds as provided <br /> herein; <br /> (d) as to the Bond Registrar, to cancel and/or destroy Bonds which have been <br /> paid at maturity or submitted for exchange or transfer; <br /> (e) as to the Bond Registrar,to furnish the City at least annually a certificate with <br /> respect to Bonds cancelled and/or destroyed; and <br /> (f) to furnish the City at least annually an audit confirmation of Bonds paid, <br /> Bonds outstanding and payments made with respect to interest on the Bonds. <br /> The City Clerk is hereby directed to file a certified copy of this Ordinance with the Bond <br /> Registrar and the Paying Agent. <br /> Section 19. Taxes Previously Levied. The taxes previously levied to pay principal of and <br /> interest on the Refunded Bonds, to the extent such principal and interest is provided for from the <br /> proceeds of the Refunding Bonds or from the Escrow Account under the Escrow Agreement as <br /> hereinabove described, shall be abated. The filing of a certificate of abatement with the County <br /> Clerk shall constitute authority and direction for the County Clerk to make such abatement. <br /> All proceeds received or to be received from any such taxes, including the proceeds <br /> received or to be received from the taxes levied for the year 2023 for such purpose, shall be used <br /> to pay the principal of and interest on the Refunded Bonds and to the extent that such proceeds are <br /> not needed for such purpose because of the deposit of funds with the Prior Paying Agent or the <br /> establishment of the Escrow Account under the Escrow Agreement, the same shall be deposited <br /> -30- <br />
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