2010-79 PROVIDING FOR THE ISSUANCE OF FOUR SERIES OF GENERAL OBLIGATION BONDS

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l 7 i A evidence thereof issue its full faith and credit bonds in the aggregate principal amount of $8,715,000 (the "TIF Project Bonds"), all as authorized under the hereinafter defined Act; and WHEREAS the Council has considered the needs of the City and has heretofore determined and does hereby determine that it is advisable, necessary and in the best interests of the City to fund certain capital improvements in the City, including City water capacity and quality improvements (Lake Decatur dredging, additional ground water supply and Lake Decatur Dam repairs) and Downtown Decatur capital improvements (streetscape improvements throughout Downtown Decatur, improvements to Central Park and the interior renovations of the Transfer House) (the "2010B Project"); and WHEREAS, the estimated cost to the City of the 2010B Project, including costs of issuance for the Bonds, is the sum of $28,270,000 plus any estimated available amount of interest earnings on said sum prior to its expenditure; and WHEREAS, there are insufficient funds on hand and available to pay the costs of the 2010B Project, and it is necessary for that purpose that a sum to pay such costs be borrowed at this time, and in evidence of such indebtedness, general obligation bonds of the City be issued in the principal amount of $28,270,000 (the "2010B Project Bonds"), and that such indebtedness be incurred in accordance with the Act as hereinafter defined, and without submitting the question of incurring such indebtedness to the electors of the City for their approval; and WHEREAS, the Council does hereby determine that it is advisable and in the best interests of the City to borrow $28,270,000 at this time pursuant to the Act for the purpose of paying the costs of the 2010B Project and, in evidence of such borrowing, issue its full faith and credit bonds in the principal amount of$28,270,000; and -3-