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ORDINANCE NUMBER L24-93 <br /> AN ORDINANCE providing for the issuance of not to exceed <br /> $36,800,000 General Obligation Bonds of the City of Decatur, <br /> Macon County, Illinois, to refund certain outstanding bonds and to <br /> finance water system infrastructure improvements, authorizing the <br /> sale of said bonds to the purchaser thereof, providing for the levy <br /> and collection of a direct annual tax sufficient for the payment of the <br /> principal of and interest on said bonds, and further providing for the <br /> execution of an escrow agreement in connection with such issuance. <br /> WHEREAS by virtue of its population, the City of Decatur, Macon County, Illinois (the <br /> "City"), and pursuant to the provisions of Section 6 of Article VII of the Constitution of the State <br /> of Illinois, the City is a home rule unit and may exercise any power or perform any function <br /> pertaining to its government and affairs including,but not limited to, the power to tax and to incur <br /> debt; and <br /> WHEREAS pursuant to the provisions of said Section 6,the City has the power to incur debt <br /> payable from ad valorem property tax receipts or from any other lawful source and maturing within <br /> 40 years from the time it is incurred without prior referendum approval; and <br /> WHEREAS on the 25th day of February, 1982, the Council of the City(the "Council") did <br /> adopt an ordinance determining the procedures to be followed in the borrowing of money for <br /> public purposes of the City and in evidence of such borrowing the issuing of full faith and credit <br /> bonds of the City without referendum approval, such ordinance being entitled: <br /> ORDINANCE No. 82-22 <br /> AN ORDINANCE establishing procedures to be followed in incurring <br /> indebtedness for corporate purposes, issuing bonds to evidence such <br /> indebtedness and directing the levying of taxes, without limit as to <br /> rate or amount, for the purpose of paying principal and interest on <br /> such bonds as the same become due. <br /> (the "Enabling Ordinance"); and <br />