2026-35 An Ordinance Authorizing the Issuance and Sale of Revenue Bonds (Millikin University), Series 2026A of the City of Decatur, Macon County, Illinois, in an Aggregate Principal Amount not to Exceed $18,000,000; Authorizing the Execution

Home Browse Search

(x) that Securities Based Line of Credit, dated January 12, 2021, by and between the Borrower and Raymond James Bank,N.A., with a credit limit of$10,000,000; and (y)that Business Loan Agreement, dated December 7, 2020,by and between the Borrower and Busey Bank, an Illinois banking corporation, outstanding (after the effects of the repayment provided in Section 3.01 of the Trust indenture) in the amount of$3,200,000. The liens described in (x) and (y) are permitted hereby but Borrower shall not extend any such lien after the maturity thereof or increase the amount of security granted therein, except as otherwise provided in Section 2.19 hereof Section 2.13. Reserved. Section 2.14. Payment of Expenses of Issuance of Bonds. The Borrower agrees to be liable and pay for any Trustee's acceptance and annual fees, legal fees, printing expenses and other fees and expenses incurred or to be incurred by or on behalf of the City in connection with or as an incident to the issuance and sale of the Series 2026A Bonds and not otherwise paid from funds available to the Borrower under the Indenture. Section 2.15. Funding of Indenture Funds; Loan of Proceeds of Bonds; Investments; Tax Agreement. (a) The Borrower hereby agrees to issue, and the City hereby agrees to accept the Series 2026A Note in exchange for the loan to the Borrower of the proceeds of the Series 2026A Bonds,subject to the provisions of the next paragraph of this Section. The Borrower hereby directs the City and the Trustee to dispose of the net proceeds of such loan in the manner specified in Section 3.01 of the Indenture. (b) The Borrower and the City agree that, so long as no Event of Default hereunder has occurred and is continuing, all moneys on deposit in the Funds established by the Indenture, shall be invested only in Qualified Investments,all at the written direction of the Borrower to the Trustee or upon the oral direction of the Borrower to the Trustee promptly confirmed in writing,but subject to the limitations set forth in Section 4.09 of the Indenture, and in the manner and to the extent provided in the Indenture and the Tax Agreement. (c) The Trustee is hereby authorized to trade with itself in the purchase and sale of securities for such investments, and may invest moneys in its own certificates of deposit or time deposits so long as the same constitute Qualified Investments,relating to the Series 2026A Bonds. The Trustee shall not be liable or responsible for any loss resulting from any such investment. Except as otherwise provided by the Indenture and the Tax Agreement, all such investments shall be held by or under the control of the Trustee and any income resulting therefrom shall be deposited in the applicable Account or Fund under the circumstances described in Section 4.09 of the Indenture, relating to the Series 2026A Bonds. The foregoing notwithstanding, the Borrower will take all actions necessary, including without limitation providing the Trustee with all necessary directions, to assure that such moneys are continuously invested in accordance with the provisions of the Indenture and the Tax Agreement. -12-