2007-97 ESTABLISHING A 2007 MORTGAGE CREDIT CERTIFICATE PROGRAM

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' � mortgage lending institutions (the Administration Agreement and th Participation Agreement are sometimes collectively referred to herein as the "Pr�ogram Documents"); and Wf-[EREAS, in connection with the issuance of Certificates in ieu of Qualified Mortgage Bonds, the City must file with the Internal Revenue Service a ortgage Credit Certificate Election (the "Election"); and WHEREAs, the members of the City Council have determined t authorize the issuance of the Certificates, the execution and delivery of the Program docume ts 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 POW RS,AS FOLLOWS: Section 1. Declaration of Public Purpose. It is hereby found, determined and declared that the purpose of this Ordinance is to take sieps designed to reduce the cost of financing for both the acquisition of single family housing located within the Stat� of Illinois (the "Program Area") and the rehabilitation and improvement of single family hous ng located in the Program Area in order to provide decent, safe and sanitary housing for qual fying persons of low and moderate income. It is further hereby found, determined and decla d that such single family housing ownership, rehabilitation and improvement will provide f r 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 th Program. (b) The Program Administrator is hereby authorized and dire ted, on behalf of the City, to timely file all reports with respect to the Program and the Certi icates as are, or may be, required by the Code or the regulations thereunder. (c) There is hereby authorized and directed to be an imposit'on of fees to fund costs of the Program to be provided in the Program Documents. Such fee� shall be charged to each mortgagor. The amount and type of such fees shall not be unreasonable and shall include only those which are permissible under Treasury Regulation Section 1.25-4T(h)(2). Section 3. Approval of the Issuance of Certificates. The m mbers of the City Council hereby authorize and approve the issuance of Certiticates pursuant t the Program Documents. "I'he total proceeds of the Certificates shall not exceed 25% of the pri cipal amount of Qualified Mortgage Bonds elected not to be issued pursuant to the Election. he Certificates shall be in such forms and amounts as shall be set forth in the Administration greement or as otherwise required by the Code. Section -1. Approvul, Execartion and Delivery qf the Pr gram Documents. The execution and delivery of the Program Documents are hereby ap roved in such form and substance as shall be approved by subsequent ordinance, and the Mayor, City Clerk, City - 2 - i _ _-- _ _�_- -- —