Laserfiche WebLink
ORDINANCE NO. 2006-118 <br /> AN ORDINANCE APPROVING THE TRANSFER OF VOLLIME CAP IN <br /> CONNECTION WITH PRIVATE ACTIVITY BOND IS�UES, AND <br /> RELATED MATTERS. �� <br /> WHEREAS, the City of Decatur, Macon County, Illinois the "Micriicipality") 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 /> W�REAs, Section 146 of the Internal Revenue Code of 1986, as amended (the "Code"), <br /> provides that the Municipality has volume cap equal to $80 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 /> WxEREAs, the Illinois Private Activity Bond Allocation ct, 30 Illinois Compiled <br /> Statutes 2004, 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 any other home rule unit of <br /> government, the State of Illinois or any agency thereof or any non-home rule unit of government; <br /> and <br /> W�RE�s, it is now deemed necessary and desirable by the unicipality to transfer its <br /> volume cap allocation for calendar year 2006 in the amount of$6,300, 80 to the City of Aurora, <br /> Kane, DuPage, Will and Kendall Counties, Illinois (the "Isstcer"j to be applied toward the <br /> issuance of single family mortgage revenue bonds by the I,suer (the `Bonds") or for such other <br /> purpose permitted by this Ordinance; <br /> NOW, THNR�FOR�, Be It Ordained by the City Council of th City of Decatur, Macon <br /> County, Illinois, as follows: <br /> SEc77o1v 1. That, pursuant to Section 146 of the Code and e Act, the entire volume <br /> cap of the Municipality for calendar year 2006 is hereby transferred to the Issuer, which shall <br /> issue the Bonds using such transfer of volume cap, without any furt er action required on the <br /> part of the Municipality, and the adoption of this Ordinance shall be eemed to be an allocation <br /> of such volume cap to the issuance of the Bonds or such other bonds. <br /> SECTION 2. That the Municipality and the Issuer shall maint�in a written record of this <br /> Ordinance in their respective records during the term that the Bonds qr any other such bonds to <br /> which such volume cap is allocated remain outstanding. , <br /> 2006-118 <br /> 2144145/CLJ:12/5/06 <br />