2008-02 PROVIDING FOR THE ISSUANCE OF TAXABLE GENERAL OBLIGATION LINE OF CREDIT NOTE

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' 4 ` including, without limitation, demolition within the 300 Block of N h Water (the "Project"); and WHEREAS the Council has heretofore, and it hereby is, dete ined that the Project will specifically benefit the Area; and W�REAs the costs of the Project constitute eligible Project osts as defined in the TIF Act; and WHEREAS it is deemed by the Council to be necessary and advisable and in the best ', interests of the residents of the City to obtain funds to pay a portion of the costs of the Project , and subject to amendment for such other corporate purposes as the ouncil may determine as I hereinafter provided; and � WHEREAS the estimated cost to the City of the Project is not less than the: sum of li $1,400,000, plus the estimated available amount of interest earni gs on said sum prior to �li expenditure; and I W�REAS the Council hereby expressly determines that it is dvisable, necessary and in the best interests of the City that the Cit� authorize the execution an delivery of an agreement for a line of credit to pay such costs of the Project(the "Agreement"); nd WHEREAS it is in the best interests of the inhabitants of the ity and necessary for the I government and affairs of the City also to authorize the issuance of on or more promissory note 'I (collectively, the "Note") to evidence the obligation to repay the pr,incipal of and interest on amounts drawndown by the City under such Agreement; and WxEREAs to such end it is hereby deemed advisable and nece sary that the Council now adopts this Ordinance so to specify, determine and authorize: Now T�xEFORE Be It Ordained by the Council of the City o Decatur, Macon County, I Illinois, in the exercise of its home rule powers, as follows: -2-