2024-58 An Ordinance Reserving 2024 Volume Cap for Private Activity Bond Issues, and Related Matters

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ORDINANCE NO. AN ORDINANCE RESERVING 2024 VOLUME CAP FOR PRIVATE ACTIVITY BOND ISSUES,AND RELATED MATTERS WHEREAS, the City of Decatur, Macon County, Illinois (the "Municipality'), is a municipality and a home rule unit of government under Section 6 of Article VII of the 1970 Constitution of the State of Illinois;and WHEREAS, Section 146 of the Internal Revenue Code of 1986, as amended(the "Code'), provides that the City has volume cap equal to $125.00 per resident of the City in each calendar year, which volume cap may be reserved and allocated to certain tax-exempt private activity bonds;and WHEREAS, the Illinois Private Activity Bond Allocation Act, 30 Illinois Compiled Statutes 2004, 345/1 et seq., (the "Act"), as supplemented and amended, and the Guidelines and Procedures, provides that a home rule unit of government may reserve its allocation of volume cap or may transfer its allocation of volume cap to any other home rule unit of government, the State of Illinois or any agency thereof or any non-home rule unit of government; and WHEREAS, it is now deemed necessary and desirable by the Municipality to reserve its entire volume cap allocation for calendar year 2024 to be applied toward the issuance of private activity bonds,or to transfer such volume cap allocation, as permitted by this Ordinance; Now,THEREFORE,Be It and It Is Hereby Ordained by the Mayor and City Council of the City of Decatur,Macon County,Illinois, in the exercise of its home rule powers,as follows: SECTION 1. That,pursuant to the power and authority granted by and under Section 6 of Article VII of the 1970 Constitution of the State of Illinois, Section 146 of the Code,the Act and the Guidelines and Procedures, the Municipality hereby reserves volume cap in the principal amount of$8,637,125, which is all of the volume cap of the Municipality for the year 2024. Such volume cap shall be applied toward the issuance of private activity bonds or shall be transferred as directed by the Mayor or any other proper officer or employee of the Municipality without any fiuther action required on the part of the Municipality, and the adoption of this Ordinance shall be deemed to be an allocation of such volume cap to the issuance of such bonds; provided, that any transfer of volume cap shall be evidenced by a written instrument executed by the Mayor or any other proper officer or employee of the Municipality. SECTION 2. That the Municipality and the Issuer shall maintain a written record of this Ordinance in their respective records during the term that the Bonds or any other such bonds to which such volume cap is allocated remain outstanding.