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2010-10 AMENDING CERTAIN PRIOR ORDINANCES OF THE CITY PROVIDING FOR A LINE OF CREDIT WITH NATIONAL CITY BANK
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2010-10 AMENDING CERTAIN PRIOR ORDINANCES OF THE CITY PROVIDING FOR A LINE OF CREDIT WITH NATIONAL CITY BANK
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8/27/2015 4:06:02 PM
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8/27/2015 4:06:02 PM
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Resolution/Ordinance
Res Ord Num
2010-10
Res Ord Title
AMENDING CERTAIN PRIOR ORDINANCES OF THE CITY PROVIDING FOR A LINE OF CREDIT WITH NATIONAL CITY BANK
Department
Finance
Approved Date
3/1/2010
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EXHIBIT A <br /> AMENDED AND RESTATED <br /> TAXABLE GENERAL OBLIGATION LINE OF CREDIT NOTE <br /> $4,750,000 Dated: January 1, 2010 <br /> On demand, but in no event later than December 31, 2010, for value received, the <br /> undersigned, City of Decatur, Macon County, Illinois, a home rule municipality organized <br /> and existing under the Constitution and laws of the State of Illinois (the "City'), promises to <br /> pay to the order of National City Bank (the "Bank') at its offices in Decatur, Illinois, the <br /> principal sum of Four Million Seven Hundred Fifty Thousand and 00/100 Dollars <br /> ($4,750,000) or, if less, the amount outstanding under the Amended Line of Credit Agreement <br /> referred to below together with interest payable at the times and in the manner set forth in the <br /> Amended Line of Credit Agreement, and at the Interest Rate as defined in Exhibit A attached <br /> hereto. <br /> This Amended and Restated Note is issued in substitution and replacement for, and <br /> evidences the indebtedness previously evidenced by the Prior Notes (as defined in Exhibit <br /> A attached hereto), and, in addition, this Amended and Restated Note evidences borrowings <br /> by the City under that certain Amended and Restated Line of Credit Agreement dated as of <br /> the 16`h day of August, 2007, between the City and the Bank, as most recently amended by <br /> Ordinance No. 2010-10 adopted by the City Council on March 1, 2010 (the "Amended Line of <br /> Credit Agreement"). This Amended and Restated Note constitutes a valid and legal general <br /> obligation of the Cit payable from the sources of the Cit as set forth in the ordinances <br /> City Y <br /> authorizing the same adopted by the Council of the City on October 2, 2006, August 15, 2007, <br /> December 15, 2008, May 4, 2009 and Ordinance No. 2010-10 adopted by the City Council on <br /> March 1, 2010; and this Amended and Restated Note and the holder hereof are entitled to all <br /> the benefits provided for under the Amended Line of Credit Agreement, to which reference is <br /> hereby made for a statement thereof. Voluntary prepayments may be made hereon, on the <br /> terms and with the effects provided in the Amended Line of Credit Agreement. The City <br /> hereby waives presentment and notice of dishonor. It is agreed that this Amended and <br /> Restated Note and the rights and remedies of the holder hereof shall be construed in <br /> accordance with and governed by the laws of the State of Illinois. <br /> CITY OF 9EC UR <br /> MACON rO Y, L <br /> By: <br /> ichae McElroy, a or <br /> City of Decatur, Macon County 11' ois <br /> AT T: <br /> ,C <br /> City Clerk, City of ecatur <br /> Macon County, Illinois <br /> (Seal) <br /> 4 <br />
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