2014-11 APPROVING THE TRANSFER OF VOLUME CAP

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• i r ORDINANCE NO.2014-11 AN ORDINANCE APPROVING THE TRANSFER OF VOLUME CAP IN CONNECTION WITH PRIVATE ACTIVITY BOND ISSUES, AND RELATED M TTERS WHEREAS, the Internal Revenue Code of 1986 provides that the amo nt of private activity bonds which may be issued by the City of Decatur("City") as a constit tional home rule unit is equal to its population multiplied by $100.00; and WHEREAS,the Illinois Private Activity Bond Allocation Act(30 ILC 345/1 et seq.) provides, among other things,that the corporate authorities of any home rule u t may reallocate to a state agency any portion of its unused allocation of volume cap; and WHEREAS,the City of Decatur has available year 2014 volume cap and desires to utilize this cap in cooperation with the Central Illinois Economic Development uthority if said volume is not utilized by the City to support the projects that will create jobs an expand the City's tax base; NOW THEREFORE, be it ordained by the City Council of the City ofecatur, Illinois: Section 1. Consent to Reallocate to CIEDA. The City hereby agrees to r allocate to the Central Illinois Economic Development Authority its 2014 private activity volu a bonding cap in the amount of$7,540,700. Said private activity volume bonding cap shall be us d to support projects that will provide job opportunities and new investments. Said private a tivity bonding cap shall not be used prior to September 1, 2014 without the expressed written c nsent of the Mayor of the City of Decatur. The City reserves the right prior to September 1, 014 to direct CIEDA to transfer all or any portion of said volume cap back to the City, or in a ly manner directed by the City. After September 1,2014, if such volume cap so allocated aid transferred by this Ordinance is not used by CIEDA for the issuance of the Bonds within the to ritorial jurisdiction of CIEDA, such volume cap shall not be used for any other purpose without the approval of the Mayor or City Manager or shall be allocated by CIEDA as direc ed in writing by the Mayor or City Manager. Section 2. Letter of Agreement. The City Finance Director is hereby authorizeq to execute a letter of agreement with CIEDA consenting to such allocation on behalf oft helation ity as authorized. Section 3. Maintaining Records. The City Finance Director is hereby authrid to maintain such record of the allocation for the term of the bonds issued pursuant to such aocation. Section 4. Notice. The Mayor or City Manager shall provide notice of such all to the Office of the Governor. Section 5. Effective Date. This ordinance shallbeeffective from and after its passage. 1 PRESENTED, PASSED,APPROVED AND CORD this 7 day o p 2014. Approv f a c oy, ayor [SEAL] ATTEST: i CLERK