2013-71 PROVIDING FOR THE ISSUANCE OF A PROMISSORY NOTE, SERIES 2013

Home Browse Search

ORDINANCE NUMBER AN ORDINANCE providing for the issuance of a not to exceed $17,250,000 Promissory Note, Series 2013, of the City of Dec tur, Macon County, Illinois,to pay the costs of certain improvemenis to the waterworks system of said City and providing for the security for and means of payment of said Note. PREAMBLES WHEREAS A. The City of Decatur, Macon County, Illinois (the "City"), is a duly organized municipality under the laws of the State of Illinois, operating generally under the Illinois Municipal Code, as amended; has a population in excess of 25,000 as determined by the last official census; and pursuant to the provisions of Section 6 of Article VII of he Constitution of the State of Illinois(the "Constitution"), the City is a home rule unit and may exercise any power or perform any function pertaining to its government and affairs, including, but not limited to,the power to incur debt (the Illinois Municipal Code as supplemented and, where in conflict, superseded by said constitutional powers being the "Act"). B. For many years, the City has owned and operated a waterwort s system (as more completely defined herein,the "System"). C. The Council of the City (the "Council") has determined that it is advisable and in the best interests of the City and its residents to undertake certain improvements to the System, namely, energy and water efficiency projects to be undertaken by Johnson Controls pursuant to an Energy and Water Efficiency Services Agreement, dated June 17, 2013, by and between Johnson Controls and the City, 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 engineering, legal, financial and administrative expense telated thereto, the "Project").