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ECONOMIC & COMMUNITY DEVELOPMENT DEPARTMENT <br /> DATE: April 11, 2024 <br /> MEMO: 24-06 <br /> TO: Honorable Mayor Julie Moore Wolfe and City Council <br /> FROM: Scot Wrighton, City Manager <br /> Cordaryl "Pat Patrick, Community Development Director <br /> SUBJECT: Ordinance Reserving 2024 Volume Cap in Connection with Private Activity Bond <br /> SUMMARY RECOMMENDATION: Staff recommends approval of the attached ordinance <br /> reserving the City's 2024 volume cap. The attached ordinance does not obligate the City to issue <br /> bonds or transfer the volume cap but provides the opportunity to do so in the future. <br /> STAFF REFERENCE: Contact Cordaryl Patrick at cpatrick(a),decaturil.gov <br /> BUDGET/TIME IMPLICATIONS: The City's volume cap allocation must be obligated by <br /> May 1, 2024 or it will automatically be returned to the State of Illinois for reallocation to other <br /> entities. <br />