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Million, Five Hundred Thousand Dollars (S6.500.000.00) to provide funds to pay the costs of the <br /> Project; and <br /> WHEREAS. the Loan shall be made pursuant to a Loan Agreement (the "Loan <br /> Agreement"), including certain terms and conditions between the City and the Illinois <br /> Environmental Protection Agency; and <br /> WHEREAS, the Loan shall bear an interest rate as defined by 35 III. Adm. Code 662. <br /> which does not exceed the maximum rate authorized by the Bond Authorization Act, as amended <br /> by 35 Ill. Adm. Code 663, at the time of the issuance of the loan; and <br /> WHEREAS. the principal and interest payments on the Loan shall be from City Fund 80. <br /> "Water Fund" which contains the Water User Fees collected by the City payable semi-annually. <br /> and the Loan shall mature in 30 years, which is within the period of useful life of the Project; and <br /> WHEREAS. the City has heretofore issued and has outstanding certain obligations <br /> payable from revenues of the System. namely, the City's Promissory Note, Series 2020. and <br /> certain Illinois Environmental Protection Agency Water Loans (collectively, "the Parity Bonds"); <br /> and <br /> WHEREAS, the Note was authorized by an ordinance adopted by the Corporate <br /> Authorities on May 18. 2020 ("the Note Ordinance"); and <br /> WHEREAS, the proceedings of the City which authorized the Parity Bonds, including the <br /> Note Ordinance. permit the City to issue additional debt payable from the revenues of the System <br /> on a parity with the Parity Bonds, so long as the City determines that the Net Revenues(as defined <br /> in the Note Ordinance) for the last completed fiscal year prior to the issuance of such additional <br /> debt are equal to at least 125°%o of Maximum Annual Debt Service (as defined in the Note <br /> Ordinance); and <br /> WHEREAS. the City hereby determines that such coverage test is satisfied with respect <br /> to the Loan: <br /> NOW THEREFORE, Be It Ordained by the Council of the City of Decatur, Macon <br /> County. Illinois. in the exercise of its home rule powers, as follows: <br /> SECTION 1. INCORPORATION OF PREAMBLES <br /> The Corporate Authorities hereby find that the recitals contained in the preambles are true <br /> and correct. and incorporate them into this Ordinance by this reference. <br /> SECTION 2. DETERMINATION TO BORROW FUNDS <br /> It is advisable. necessary and in the best interests of the City that the City construct the <br /> Project for the public health. safety, and welfare, in accordance with the plans and specifications, <br />