2007-78 PROVIDING FOR THE ISSUANCE TAXABLE GENERAL OBLIGATION NOTES, SERIES 2007

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ORDINANCE NUMBER 2007-78 A1v ORDINANCE providing for the issuance of not to exceed ' $7,250,000 Taxable General Obligation Notes, Series 007, of the ' City of Decatur, Macon County, Illinois, to pay the cos s related to the acquisition of the Decatur Conference Center and otel for the City and providing for the levy and collection of a dire t annual tax for the payment of the principal of and interest on said Series 2007 Notes. � PREAMBLES WHEREAS A. The City of Decatur, Macon County, Illinois (the "C ty"), is a duly organized munici alit under the laws of th St f Illinois eratin erall under the Illinois p y e ate o , o P g g Y Municipal Code, as amended; has a population in excess of 25,000 as determined by the last official census• and ursuant to the rovisions of Section 6 of Article VII of the Constitution of , P P the State of Illinois (the "Constitution"), the City is a home rule nit and may exercise any power or perform any function pertaining to its government and ffairs, including, but not limited to, the power to tax and to incur debt (the Illinois Municipal ode as supplemented and, where in conflict, superseded by said constitutional powers being the " ct"). B. Pursuant to the provisions of said Section 6 of Article II of the Constitution, the City has the power to incur debt payable from ad valorem tax receipt maturing within 40 years from the time it is incurred and without prior referendum approval. ' C. The Council of the City (the "Coasncil") has determined that it is advisable and in the best interests of the City and its residents to purchase the Decat r Conference Center and Hotel for the Cit the "2007 Ac i�isition" . Y ( 9 ) D. The estimated cost to the City of the 2007 Acquisition is the sum not exceeding $7,250,000 plus the transactional costs of the 2007 Acquisition.