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

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seq., as supplemented and amended, to provide for the administration of the Program by IHDA: and WxEUEAs, IHDA and the City have determined it would be mutually beneficial to their respective public agencies and to the State of Illinois that, under the Program, the Certificates would be targeted for an initial period of time for allocation to qualifying veterans and persons on active military duty residing in the City of Decatur or the Stat� of Illinois ("Qualified Military Personnel"); and WHEREAS, in order to implement the Program, it is necessary for the City Council to authorize the execution and delivery of such agreements and instruments with IHDA andlor other parties as shall be deemed necessary for such purpose (such agreements and instruments being collectively referred to herein as the "Program Documents"); and W�x�As, in connection with the issuance of Certificates in lieu of Qualified Mortgage Bonds, the City has previously filed with the Internal Revenue Service a Mortgage Credit Certificate Election (the "Election"); and WHEREAS, the members of the City Council have determined to authorize the issuance of the Certificates, the execution and delivery of the Cooperation Agreement and the Program Documents and the taking of such other actions as may be necessary or convenient to further carry out the purposes of the Ordinance. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF DECATUR, MACON COUNTY,ILLINOIS,IN THE EXERCISE OF ITS HOME RULE POWERS,AS FOLLOWS: Section 1. Declaration of Public Purpose. It is hereby found, determined and declared that the purpose of this Ordinance is to take steps designed to reduce the cost of financing for both the acquisition of single family housing located within the City (for an initial period of time to be established in the Program Documents) and thereafter within the entire State of Illinois (the « ,� Program Area ) and the rehabilitation and improvement of single family housing located in the Program Area in order to provide decent, safe and sanitary housing for qualifying persons of low and moderate income, including, for a period of time to be specified in the Program Documents, for Qualified Military Personnel. It is further hereby found, determined and declared that such single family housing ownership, rehabilitation and improvement will provide for and promote the public health, safety, morals and welfare of the State of Illinois. Section 2. Establishment of the Program. (a) The members of the City Council hereby authorize and approve the establishment and the implementation of the Program. (b) IHDA is hereby authorized and directed, on behalf of the City, to timely file all reports with respect to the Program and the Certificates as are, or may I be, required by the Code or the regulations thereunder. (c) There is hereby authorized and directed to be an imposition of fees by IHDA to fund costs of the Program to be provided in the Program Documents. Such fees shall be charged to - 2 -