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. <br /> �- <br /> ORDINANCE NO. 2008-88 <br /> AN ORDINANCE APPROVING THE TRANSFER OF VOLUME CAP IN <br /> CONNECTION WITH PRIVATE ACTNITY BOND ISSUES, AND <br /> RELATED MATTERS. <br /> WHEREAS, the City of Decatur, Macon County, Illinois (the "Municipaliry") is a <br /> municipality and a home rule unit of government under Section 6 of Article VII of the 1970 <br /> Constitution of the State of Illinois; and <br /> WHEREAS, Section 146 of the Internal Revenue Code of 1986, as amended (the "Code"), <br /> provides that the Municipality has volume cap equal to $85 per resident of the Municipality in <br /> each calendar year, which volume cap may be allocated to certain tax-exempt private activity <br /> bonds; and <br /> WHEREAS, the Illinois Private Activity Bond Allocation Act, 30 Illinois Compiled <br /> Statutes 2004, 345/1 et seq., as supplemented and amended (the "Act"), provides that a home <br /> rule unit of government may transfer its allocation of volume cap to any other home rule unit of <br /> government, the State of Illinois or any agency thereof or any non-home rule unit of government; <br /> and <br /> WHEREAS, it is now deemed necessary and desirable by the Municipality to transfer its <br /> volume cap allocation for calendar year 2008 in the amount of $6,548,995.00 to the City of <br /> Aurora, Kane, DuPage, Will and Kendall Counties, Illinois (the "Issuer") to be applied toward <br /> the issuance of single family mortgage revenue bonds by the Issuer (the "Bonds") or for such <br /> other purpose permitted by this Ordinance; <br /> Now, THEREFORE, Be It Ordained by the City Council of the City of Decatur, Macon <br /> County, Illinois, as follows: <br /> SEC77oN 1. That, pursuant to Section 146 of the Code and the Act, the entire volume <br /> cap of the Municipality for calendar year 2008 is hereby transferred to the Issuer, which shall <br /> issue the Bonds using such transfer of volume cap, without any further action required on the part <br /> of the Municipality, and the adoption of this Ordinance shall be deemed to be an allocation of <br /> such volume cap to the issuance of the Bonds or such other bonds. <br /> 2oog-as.ao� <br /> 2144145/CLJ:12/3/08 <br />