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,�r � 'i <br /> � <br /> . <br /> ORDINANCE NUMBER 200H-29 <br /> AN OxD�NANCE providing for the issuance of a no to exceed <br /> $1,500,000 General Obligation Note (Olde Towne Red velopment <br /> Project), Series 2008, of the City of Decatur, Mac n County, <br /> Illinois, to pay the costs of the West Main and N. Water <br /> Streetscape Rehabilitation Projects, and providing for he security <br /> for and payment of said Note. <br /> WHEREAS the City of Decatur, Macon County, Illinois (the " ity"), is a duly organized <br /> municipality under the laws of the State of Illinois, operating ge erally 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 ny power or perform any <br /> function pertaining to its government and affairs, including, but nQt li ited to, the power to tax <br /> and to incur debt (the Illinois Municipal Code as supplemented and, where in conflict, <br /> superseded by said constitutional powers being the "Act"); and <br /> WHExEAs pursuant to the provisions of the Act, the City ha the power to incur debt <br /> payable from ad valorem property tax receipts or from any other la�uvful source and maturing ', <br /> within 40 years from the time it is incurred without prior referendum a proval; and ' <br /> WHEREAS the Council of the City (the "Council") ha heretofore approved a <br /> redevelopment plan (the "Plan") and project, the designation of a pr 'ect area and the adoption <br /> of tax increment allocation financing for that portion of the City now nown as the Olde Towne <br /> Redevelopment Project (the "Area"), all pursuant to the T x Increment Allocation <br /> Redevelopment Act, as amended (the "TIFAct"); and ', <br /> WHEREAS the City has considered the needs of the City d its residents, and has <br /> determined and does hereby determine that it is desirable and in the est interests that the Area <br /> � <br /> be redeveloped and that the City assist in the redevelopment theraof by financing projects, <br />