Laserfiche WebLink
7 <br /> ORDINANCE NUMBER 2010-79 <br /> AN ORDINANCE providing for the issuance of four series of <br /> General Obligation Bonds of the City of Decatur, Macon County, <br /> Illinois, and providing for the levy and collection of a direct annual <br /> tax for the payment of the principal of and interest on said bonds. <br /> WHEREAS, the City of Decatur, Macon County, Illinois (the "City"), has a population in <br /> excess of 25,000 as determined by the last official census, and pursuant to the provisions of <br /> Section 6 of Article VII of the Constitution of the State of Illinois, the City is a home rule unit <br /> and may exercise any power or perform any function pertaining to its government and affairs <br /> including, but not limited to, the power to tax and to incur debt; and <br /> WHEREAS, pursuant to the provisions of said Section 6, the City has the power to incur <br /> debt payable from ad valorem property tax receipts or from any other lawful source and maturing <br /> within 40 years from the time it is incurred without prior referendum approval; and <br /> WHEREAS, on the 25th day of February, 1982, the Council of the City (the "Council") <br /> did adopt an ordinance determining the procedures to be followed in the borrowing of money for <br /> public purposes of the City and in evidence of such borrowing the issuing of full faith and credit <br /> bonds of the City without referendum approval, such ordinance being entitled: <br /> ORDINANCE No. 82-22 <br /> AN ORDINANCE establishing procedures to be followed in incurring <br /> indebtedness for corporate purposes, issuing bonds to evidence <br /> such indebtedness and directing the levying of taxes, without limit <br /> as to rate or amount, for the purpose of paying principal and <br /> interest on such bonds as the same become due. <br /> (the "Enabling Ordinance"); and <br /> WHEREAS, the City has heretofore issued and there are now outstanding three letters of <br /> credit (the debt of the City for such letters of credit being evidenced by three promissory notes) <br /> for the Wabash Crossing Phases II and III, the demolition of buildings in the 300 Block of North <br />