Laserfiche WebLink
ORDINANCE NUMBER 2009-70 <br /> AN ORDINANCE providing for the prepayment of the Taxable <br /> General Obligation Notes, Series 2007, of the City of Decatur, <br /> Macon County, Illinois, and approving the form of the Letter of <br /> Instructions to the paying agent for said Notes. <br /> WHEREAS, the City of Decatur, Macon County, Illinois (the "City,"), is a duly organized <br /> municipality under the laws of the State of Illinois, operating generally under the Illinois <br /> Municipal Code, as amended; has a population in excess of 25,000 as determined by the last <br /> official census; and pursuant to the provisions of Section 6 of Article VII of the Constitution of <br /> the State of Illinois, the City is a home rule unit and may exercise any power or perform any <br /> function pertaining to its government and affairs, including, but not limited to, the power to tax <br /> and to incur debt; and <br /> WHEREAS, the City has previously issued and there are currently outstanding its Taxable <br /> General Obligation Notes, Series 2007, dated October 1, 2007 (the "Prior Notes"), the proceeds <br /> of which were used to finance the acquisition of the Decatur Conference Center and Hotel (the <br /> "Hotel"); and <br /> WHEREAS, on November 19, 2007, the Council of the City (the "Council") agreed to sell <br /> the Hotel to Horve Hospitality Management Inc.; and <br /> WHEREAS, the City has funds on hand and lawfully available from the sale of the Hotel <br /> and the investment of the sale proceeds thereof to provide for the prepayment of the Prior Notes; <br /> and <br />