2014-04 PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS

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WHEREAS the Council has determined that it is advisable and in the best interests of the City and its residents to expand the City's water supply by the dredging of Lake Decatur, all in accordance with the preliminary estimate of costs, which have been approved by the Council and are now on file in the office of the City Clerk of the City (including the ngineering, legal, financial and administrative expense related thereto, the "Project"); and WHEREAS the estimated cost of the Project is not less than $26,000, 00, and there are insufficient funds on hand and lawfully available to pay such costs; and WHEREAS pursuant to the hereinafter defined Act, the City is auth rued to issue its general obligation bonds to pay the costs of the Project; and WHEREAS the Council does hereby determine that it is necessary and C esirable to borrow not to exceed $26,000,000 at this time pursuant to the Act for such purpose nd, in evidence of such borrowing, issue its general obligation bonds in the principal amount of not to exceed $26,000,000: NOW THEREFORE Be It Ordained by the Council of the City of Decatur, Macon County, Illinois, in the exercise of its home rule powers and in accordance with the Enabling Ordinance, as follows: Section 1. Definitions. In addition to such other words and terms u ed and defined in this Ordinance, the following words and terms used in this Ordinance shall ave the meanings given them, unless the context or use clearly indicates another or different mea ing is intended. A. The following words and terms are defined in the preambles. City Council Enabling Ordinance Project -2-