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

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, � Thereupon, Mayor Osborne presented, the City Attorney exp ained, and there was read into the record in full the following ordinance: AN ORDINANCE providing for the issuance of not t exceed a $1,400,000 Taxable General Obligation Line of Credit Note (Olde Towne Redevelopment Project), Series 2008A, of e City of Decatur, Macon County, Illinois, to pay the costs of demolition within the 300 Block of North Water and providing for he security for and payment of said note. (the "Note Ordinance"). Councilman Laegeler moved and Councilman McElroy sec nded the motion that the Note Ordinance as presented be adopted. I A Council discussion of the matter followed. During the C �uncil discussion, the City Attorney gave a public recital of the nature of the matter, which inclu ed a reading of the title of the ordinance and statements (1) that the ordinance provided for he issuance of a general � obligation note for the purpose of paying the costs of demolition wit in the 300 Block of North Water, (2) that the note is issuable without referendum pursuant to th home rule powers of the City, (3) that the ordinance provides for security for the note, and (4) at the ordinance provides many details for the note, including provision for terms and form of th note, and appropriations. The Mayor directed that the roll be called for a vote upon the motion t adopt the ardinance. Upon the roll being called, the following Councilmen voted A�E: Councilman Laegeler, McElroy, Stockard, Carrigan, Caulkins, and Mayor Osborne. and t�e following Councilmen voted NAY: None. i� WxEREUPON, the Mayor declared the motion carried and th Note Ordinance adopted, and henceforth did approve and sign the same in open meeting, and id direct the City Clerk to record the same in full in the records of the Council of the City o Decatur, Macon County, Illinois. Other business was duly transacted at said meeting. -2-