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2013-21 APPROVING THE TRANSFER OF VOLUME CAP IN CONNECTION WITH PRIVATE ACTIVITY BOND ISSUES
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2013-21 APPROVING THE TRANSFER OF VOLUME CAP IN CONNECTION WITH PRIVATE ACTIVITY BOND ISSUES
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8/13/2015 4:10:14 PM
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8/13/2015 4:10:13 PM
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Resolution/Ordinance
Res Ord Num
2013-21
Res Ord Title
APPROVING THE TRANSFER OF VOLUME CAP IN CONNECTION WITH PRIVATE ACTIVITY BOND ISSUES
Department
Finance
Approved Date
4/1/2013
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ORDINANCE N0. 2013-21 <br /> ORDINANCE APPROVING THE TRANSFER OF VOLUME CAP IN CONNECTION <br /> WITH PRIVATE ACTIVITY BOND ISSUES,AND RELATED MATTERS <br /> WHEREAS, the Internal Revenue Code of 1986 provides that the amount of private activity bonds <br /> which may be issued by the City of Decatur ("City") as a constitutional home rule unit is equal to its <br /> population multiplied by$ 95.00; and <br /> WHEREAS, the Illinois Private Activity Bond Allocation Act (30 ILCS 345/1 et seq.) provides, <br /> among other things, that the corporate authorities of any home rule unit may reallocate to a state agency <br /> any portion of its unused allocation of volume cap; and <br /> WHEREAS, the City of Decatur has available year 2013 volume cap and desires to utilize this cap <br /> in cooperation with the Central Illinois Economic Development Authority if said volume is not utilized by <br /> the City to support the projects that will create jobs and expand the City's tax base; <br /> NOW THEREFORE,be it ordained by the City Council of the City of Decatur, Illinois: <br /> Section 1. Consent to Reallocate to CIEDA. The City hereby agrees to reallocate to the Central Illinois <br /> Economic Development Authority its 2013 private activity volume bonding cap in the amount of <br /> $7,229,120. Said private activity volume bonding cap shall be used to support projects that will provide <br /> job opportunities and new investments. Said private activity bonding cap shall not be used prior to <br /> September 1, 2013 without the expressed written consent of the Mayor of the City of Decatur. The City <br /> reserves the right prior to September 1, 2013 to direct CIEDA to transfer all or any portion of said volume <br /> cap back to the City, or in any manner directed by the City. After September 1, 2013, if such volume cap so <br /> allocated and transferred by this Ordinance is not used by CIEDA for the issuance',of the Bonds within the <br /> territorial jurisdiction of CIEDA, such volume cap shall not be used for any other purpose without the <br /> approval of the Mayor or City Manager or shall be allocated by CIEDA as directed in writing by the Mayor <br /> or City Manager. <br /> Section 2. Letter of Agreement. The City Finance Director is hereby authorized to execute a letter of <br /> agreement with CIEDA consenting to such allocation on behalf of the City as authorized. <br /> Section 3. Maintaining Records. The City Finance Director is hereby authorized to maintain such record of <br /> the allocation for the term of the bonds issued pursuant to such allocation. <br /> Section 4. Notice. The Mayor or City Manager shall provide notice of such allocation to the Office of the <br /> Governor. <br /> Section 5. Effective Date. This ordinance shall be effective from and after its passage. <br /> PRESENTED, PASSED, APPROVED AND CORDED this 1St day of ri , 2013. <br /> A <br /> p <br /> i ae T. Elroy, or <br /> [SEAL] <br /> ATT ST: <br /> CITY CLERK <br />
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