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2009-70 PROVIDING FOR THE PREPAYMENT OF THE TAXABLE GENERAL OBLIGATION NOTES
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2009-70 PROVIDING FOR THE PREPAYMENT OF THE TAXABLE GENERAL OBLIGATION NOTES
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8/28/2015 10:51:02 AM
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8/28/2015 10:51:01 AM
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Resolution/Ordinance
Res Ord Num
2009-70
Res Ord Title
PROVIDING FOR THE PREPAYMENT OF THE TAXABLE GENERAL OBLIGATION NOTES, SERIES 2007
Department
Finance
Approved Date
10/5/2009
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Paying Agent, as provided in this Ordinance, and the amount of such funds which are necessary <br /> to be deposited with the Paying Agent shall be conclusively established under the terms of the <br /> Letter of Instructions, which will be executed by designated officials of the City and such <br /> officers are hereby authorized to make such determination. <br /> Section 4. Form and Authorization of Letter of Instructions. The Letter of Instructions <br /> shall provide instructions to the Paying Agent in order to accomplish the redemption of the Prior <br /> Notes, which instructions shall provide for the call of the Prior Notes for redemption in advance <br /> of maturity and the deposit with the Paying Agent of the funds necessary to accomplish the <br /> purposes thereof. The Letter of Instructions and all the terms thereof, in the form provided <br /> hereby, are hereby approved, and the Mayor and City Clerk of the City are hereby authorized and <br /> directed to execute the Letter of Instructions in the name of the City. The Letter of Instructions <br /> shall be in substantially the form attached hereto as Exhibit A and made a part hereof. <br /> Section 5. Call of Prior Notes. Subject only to the deposit of the hereinabove amount <br /> with the Paying Agent, the Prior Notes are hereby called for redemption on December 15, 2009, <br /> and upon the terms and provisions as provided in the Letter of Instructions. <br /> Section 6. Abatement of Taxes and Use of Taxes Heretofore Levied. The Mayor, City <br /> Treasurer and City Clerk of the City be and the same are hereby directed to prepare and file with <br /> the County Clerk of The County of Macon, Illinois, a Certificate of Reduction of Taxes <br /> Heretofore Levied for the Payment of the Notes directing the abatement of the taxes heretofore <br /> levied for the year 2009 to pay the Prior Notes. <br /> Section 7. Publication of Ordinance. A full, true and complete copy of this Ordinance <br /> shall be published within ten days after passage in pamphlet form by authority of the Council. <br /> Section 8. Severability. If any section, paragraph, clause or provision of this <br /> Ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or <br /> -3- <br />
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