2012-78 PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 2012

Home Browse Search

AN ORDINANCE providing for the issuance of not to exceed $30,000,000 General Obligation Refunding Bonds, Series 2012, of the City of Decatur, Macon County, Illinois, authorizing designated officials to sell said bonds by the execution of a notification of sale, and providing for the levy and collection of a direct annual tax sufficient for the payment of the principal of and interest on said bonds, and further providing for the execution of an escrow agreement in connection with such issuance. (the "Bond Ordinance'). Larry W. Fos mo Council Member Yved and Council Member Jerry Dawson seconded the motion that the Bond Ordinance as presented be adopted. A Council discussion of the matter followed. During the Council discussion, the Director of Finance gave a public recital of the nature of the matter, which included a reading of the title of the ordinance and statements (1) that the ordinance provided for the issuance of general obligation bonds for the purpose of paying the costs of refunding certain outstanding general obligation bonds for debt service savings, (2)that the bonds are issuable without referendum pursuant to the home rule powers of the City, (3)that the sale of bonds will be by certain designated officials of the City, (4)that the ordinance provides for the levy of taxes to pay the bonds, (5)that the ordinance approves a form of escrow agreement to accomplish the refunding, and (6)that the ordinance provides many details for the bonds, including tax-exempt status covenants,provision for terms and form of the bonds, and appropriations. The Mayor directed that the roll be called for a vote upon the motion to adopt the ordinance. Upon the roll being called, the following Council Members voted AYE: Mayor Michael T. McElroy, Jerry J. Dawson, Larry W. Foster, Patrick S. Laegeler, Pat McDaniel and Julie Moore-Wolfe and the following Council Members voted NAY: None 56