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3 <br /> � <br /> � r <br /> ORDINANCE NO. 2007-89 <br /> , AN ORDINANCE APPROVING THE TRANSFER OF VO UME CAP <br /> IN CONNECTION WITH PRIVATE ACTIVITY BOND I SUES, AND <br /> RELATED MATTERS. <br /> W�-[EREAS, the City of Decatur, Macon County, Illinois ( he "Municipaliry") is a <br /> municipality and a home rule unit of government under Section 6 f Article VII of the 1970 <br /> Constitution of the State of Illinois; and <br /> WHEREAs, Section 146 of the Internal Revenue Code of 1986, as amended (the "Code"), <br /> provides that the Municipality has volume cap equal to $85 per resi ent of the Municipality in <br /> each calendar year, which volume cap may be allocated to certain t x-exempt private activity <br /> bonds; and <br /> W�tEREAs, the Illinois Private Activity Bond Allocation ct, 30 Illinois Compiled <br /> .S�utu�es 200-�, 345/1 et seq., as supplemented and amended (the "A�t"), provides that a home <br /> rule unit of government may transfer its allocation of volume cap to y other home rule unit of <br /> government, the State of Illinois or any agency thereof or any non-ho e rule unit of government; <br /> and <br /> WHEREAS, it is now deemed necessary and desirable by the unicipality to transfer its <br /> volume cap allocation for calendar year 2007 in the amount of$6,616, 60 to the City of Aurora, <br /> Kane, DuPage, Will and Kendall Counties, Illinois (the '7ssuer") to be applied toward the <br /> issuance of single family mortgage revenue bonds by the Issuer (the ' Bonds") or for such other <br /> purpose permitted by this Ordinance; <br /> NOW, THEREFORE, Be It Ordained by the City Council of th City of Decatur, Macon <br /> County, Illinois, as follows: <br /> SECT�oN 1. That, pursuant to Section 146 of the Code and e Act, the entire volume <br /> cap of the Municipality for calendar year 2007 is hereby transferred to the Issuer, which shall <br /> issue the Bonds using such transfer of volume cap, without any further�action required on the part <br /> of the Municipality, and the adoption of this Ordinance shall be deerried to be an allocation of <br /> such volume cap to the issuance of the Bonds or such other bonds. <br /> 2007-89 <br /> Z]44 I 45/CLJ:I 2/10/07 <br />