2009-84 DESIGNATING THE CITY A CITY-WIDE RECOVERY ZONE

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a ORDINANCE No. 2009-84 AN ORDINANCE designating the City of Decatur, Macon County, Illinois, a City- Wide Recovery Zone and accepting Recovery Zone Bond Allocations from The County of Macon, Illinois. WHEREAS A. In order to assist state and local governments in financing capital projects at lower borrowing costs and to stimulate the economy and create jobs, on the 17th day of February 2009, the Congress of the United States enacted the American Recovery and Reinvestment Act of 2009 (the "Stimulus Act"), which act authorizes, inter alfa, the issuance of "recovery zone economic development bonds," which bonds, if they meet certain requirements of the Stimulus Act, may be eligible for a direct payment by the United States to the issuer of forty-five percent (45%) of the interest coming due thereon, thereby affording certain potential economic benefits to the issuer. B. The Stimulus Act also authorizes the issuance of "recovery zone facility bonds," which are a new category of exempt facility bonds eligible to be issued as tax exempt under the Internal Revenue Code of 1986, as amended, thereby also affording certain potential economic benefits to the issuer. C. Pursuant to the Stimulus Act, recovery zone economic development bonds and recovery zone facility bonds must be issued by a State or local government pursuant to an allocation by the Secretary of the United States Treasury (the "Secretary") of a portion of a nationwide volume limitation. D. On the 12th day of June 2009, the Secretary released Notice 2009-50, which sets forth the maximum amounts of recovery zone economic development bonds and recovery zone facility bonds that may be issued by each State, county and large municipality under the Stimulus Act.