2007-27 RESERVING 2007 VOLUME CAP

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Z ., ORDINANCE NO. 2007-27 AN ORDINANCE RESERVING 200� VOLUME CAP IN ONNECTION WITH PRIVATE ACTIVITY BOND ISSUES,AND RELATED M TTERS. WHEREAS, the City of Decatur, Macon County, Illinois (the "City"), is a municipality and a home rule unit of government under Section 6 of Article VII o the 1970 Constitution of the State of Illinois; and WxEREAs, according to an official Bureau of the Census pop ation estimate set forth in the State of Illinois Allocation of Bonding Authority in Accordance ,ith the Tax Refarm Act of 1986 and 30ILCS 345 Guidelines and Procedures of the Office f the Governor, effective January 1, 2007 (the "Guidelines and Procedi�res"), the most recent ensus estimate of resident population of the City is 77,836, providing the City with a volume cap of$6,616,060 for the year 2007; and WHEREAS, Section 146 of the Internal Revenue Code of 1986, s amended (the "Cocle"), provides that such volume cap may be reserved and allocated to ertain tax-exempt private activity bonds; and WHEREAS, the Illinois Private Activity Bond Allocation Act, as amended (the "Act"), and the Guidelines and Procedures, provide that a home rule unit of g ernment may reserve its allocation of volume cap or transfer its allocation of volume cap to a y other home rule unit of government, the State of Illinois or any agency thereof or any non-ho e rule unit of government; and WHEREAS, it is now deemed necessary and desirable by the City to reserve its entire volume cap allocation far calendar year 2007 to be applied towar the issuance of private activity bonds; Now, THEREFORE, Be It Ordained by the Council of the City o Decatur, Macon County, Illinois, in exercise of its home rule powers, as follows: Section 1. That, pursuant to the power and authority granted by and under Section 6 of Article VII of the 1970 Constitution of the State of Illinois, Section 14 of the Code, the Act and the Guidelines and Procedures, the entire volume cap of the City for alendar year 2007 in the principal amount of $6,616,060, is hereby reserved by the City, whi h shall issue bonds using Zoo�-2� 400 KK 04/17/07