2008-83 AMENDING THE ORDINANCE ESTABLISHING A 2007 MORGAGE CREDIT CERTIFICATE PROGRAM

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ORDINANCE NUMBER 2008-83 AN ORDINANCE AMENDING THE ORDINANCE ESTABLISHING A 2007 MORTGAGE CREDIT CERTIFICATE PROGRAM; APPROVING THE ISSUANCE OF QUALIFIED MORTGAGE CREDIT CERTIFICATES; AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS AND INSTRUMENTS NECESSARY OR CONVENIENT TO CARRY OUT THE PURPOSES OF THIS ORDINANCE; AND CONTAINING OTHER PROVISIONS RELATING THERETO WHEREAs, the City of Decatur, Macon County, Illinois (the "City") is a duly organized municipality under the laws of the State of Illinois, operating generally under the Illinois Municipal Code, as amended; has a population in excess of 25,000 as determined by the last official census; and pursuant to the provisions of Section 6 of Article VII of the Constitution of the State of Illinois, the City is a home rule unit and may exercise any power or perform any function pertaining to its government and affairs, including, but not limited to, the power to tax and to incur debt (the Illinois Municipal Code as supplemented and, where in conflict, superseded by said constitutional powers being the "Act"); and W��AS, pursuant to Section 25 of the Internal Revenue Code of 1986, as amended (the "Code"), the City may issue mortgage credit certificates ("Certificates") in lieu of "qualified mortgage bonds," as defined in Section 143(a) of the Code ("Quali�ed Mortgage Bonds"), which entitle holders of a Certificate to a credit against their individual federal income tax; and WHEREAS, the members of the Council of the City (the "City Council") determined that it was necessary and desirable to provide for and promote the public health, safety and welfare of the citizens of the State of Illinois to establish a 2007 Mortgage Credit Certificate Program, jointly with the Illinois Finance Authority ("IFA"), pursuant to which Certificates will be issued by the City (the "Program") and the City Council adopted Ordinance No. 2007-97 on December 17, 2007 (the "2007 Ordinance")to effectuate the Program; and WHEREAS, it has now been determined that the Certificates will not be jointly issued with IFA (although IFA will be issuing its own mortgage credit certificates in conjunction with the City); and WHEREAS, it has now been determined that the Illinois Housing Development Authority ("IHDA") shall administer the Program on behalf of the City and that it is necessary and desirable that the City enter an Intergovernmental Cooperation Agreement (the "Cooperation Agreement") with IHDA pursuant to the Intergovernmental Cooperation Act, 5 ILCS 220/1 et CHI 57,565,511 v1 10-28-08