2007-97 ESTABLISHING A 2007 MORTGAGE CREDIT CERTIFICATE PROGRAM

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. � ,. ' , ` I ORDINANCE NO. 2007-97 AN ORDINANCE ESTABLISHING A 2007 MORTGAGE CREDIT CE TIFICATE PROGRAM; APPROVING THE ISSUANCE OF QUALIFIED MORTGAGE CREDIT CE TIFICATES; APPROVING AN ADMINISTRATION AGREEMENT,A MORTGAGE CREDIT CE TIFICATE PROGRAM PARTICIPATION AGREEMENT AND A MORTGAGE CREDIT CER IFICATE ELECTION; AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENT AND INSTRUMENTS NECESSARY OR CONVENIENT TO CARRY OUT THE PURPOSES OF"�HIS ORDINANCE; AND CONTAINING OTHER PROVISIONS RELATING TH�RETO W�IEREAS, the City of Decatur, Macon County, Illinois (the " iry") is a duly organized municipality under the laws of the State of Illinois, operating ge erally 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 ny power or perform any lunction 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not limited to, the power to tax and to incur debt (the Illinois Municipal Code as supplemented and, where in conflict, superseded by said constitutional powers being the "Act"); and WHEREAS, pursuant to Section 25 of the Internal Revenue Cod of 1986,.as amended (the "C:'ode"), the City can issue mortgage credit certificates ("Certifica es") in lieu of "qualified mortgage bonds," as defined in Section 143(a) of the Code ("Qu lified 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 "Ciry 4ouncil") have determined that it is necessary and desirable and will provide for and promote th public health, safety and welfare of the citizens of the State of Illinois to establish a 2007 ortgage Credit Certificate Program, jointly with the Illinois Finance Authority (the "Autho iry"), pursuant to which Certificates will be issued by the City (the "Program"); and WHEREAS, in order to implement the Program, it is necessary f r the members of the City Council to authorize the execution and delivery of an Admi 'stration Agreement (the "Administration Agreement"), by and among the Authority, the City a d a program administrator to be designated and a Mortgage Credit Certificate Program Pa icipation Agreement (the "Participation Agreement"), by and among the Authority, the Cit and certain participating ��o�-y� �149177