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ORDINANCE NO. 2026-13
<br /> AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF
<br /> (I)REVENUE BONDS(MILLIKIN UNIVERSITY),SERIES
<br /> 2026A,AND(II)TAXABLE REVENUE BONDS(MILLIKIN
<br /> UNIVERSITY),SERIES 2026B OF THE CITY OF DECATUR,
<br /> MACON COUNTY,ILLINOIS,IN AN AGGREGATE PRINCIPAL
<br /> AMOUNT NOT TO EXCEED$53,000,000;AUTHORIZING THE
<br /> EXECUTION AND DELIVERY OF A LOAN AGREEMENT,A
<br /> TRUST INDENTURE,A BOND PURCHASE AGREEMENT AND
<br /> RELATED DOCUMENTS;AND AUTHORIZING THE
<br /> DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT
<br /> AND AN OFFICIAL STATEMENT;AND AUTHORIZING
<br /> CERTAIN RELATED MATTERS.
<br /> WHEREAS, the City of Decatur, Macon County, Illinois (the "City"), has a population of
<br /> more than 25,000 and, by reason of being a home rule unit pursuant to Section 6 of Article VII of
<br /> the 1970 Constitution of the State of Illinois, may exercise any power or perform any function
<br /> pertaining to its government and affairs; and
<br /> WHEREAS, the City, pursuant to its powers as a home rule unit, is authorized and
<br /> empowered to issue its revenue bonds to finance and refinance the costs of acquiring,
<br /> constructing, renovating and equipping educational facilities for private, nonprofit institutions
<br /> of higher education located within the City in order to enhance the general health and welfare of
<br /> the residents of the City and the surrounding areas; and
<br /> WHEREAS, it is the intention of the City to issue its revenue bonds and lend the proceeds
<br /> thereof to Millikin University, an Illinois not for profit corporation (the "University") in order to
<br /> (i)refund all or a portion of a taxable loan provided to the University in 2024 by Raymond
<br /> James, Inc., the proceeds of which were used to retire the outstanding County of Macon, Illinois
<br /> Revenue Bonds, Millikin University, Series 2014, (ii) refund all or a portion of a taxable loan
<br /> provided to the University in 2024 by Busey Bank, the proceeds of which were used to retire the
<br /> outstanding County of Macon, Illinois Revenue Bonds, Millikin University, Series 2010,
<br /> (iii) finance or reimburse all or a portion of the costs of constructing, renovating, remodeling,
<br /> expanding, rehabilitating, furnishing and equipping the educational facilities owned by the
<br /> University, all located on the Borrower's Decatur, Illinois, (iv) acquire certain student housing
<br /> assets, including retirement of certain taxable debt related thereto, (v) fund a debt service reserve
<br /> fund for the benefit of the Bonds (as defined herein), (vi) fund a portion of the interest accruing
<br /> on the Bonds, (vii) fund working capital reserves of the University, and (viii)pay certain costs
<br /> relating to the issuance of the Bonds (collectively, the "Financing Purposes"); and
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