2006-94 PROVIDING FOR THE ISSUANCE OF TAXABLE GENERAL OBLIGATION LINE OF CREDIT NOTE

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� • � . ORDINANCE NLJMBER 2006-94 AN ORDINANCE providing for the issuance of not ta exceed a $4,500,000 Taxable General Obligation Line of Credit Note, of the City of Decatur, Macon County, Illinois, to pay the costs of the ��, City's share of the Wabash Crossing Phase II infrastructure costs, I and providing for the security for and payment of said nmte. �I WHEREAS the City of Decatur, Macon County, Illinois (the "�'iry"), is a duly organized I'� municipality under the laws of the State of Illinois, operating generally under the lllinois Municipal Code, as amended; has a population in excess of 25,000 as determined by the last official census; and pursuant to the provisions of Section 6 of Article VII of the Constitution of the State of Illinois, the City is a home rule unit and may exercise any power or perform any function pertaining to its government and affairs, including, but not lianited to, the power to tax and to incur debt (the Illinois Municipal Code as supplemented and, where in conflict, superseded by said constitutional powers being the "Act"); and WEtER�As pursuant to the provisions of the Act, the City has the power to incur debt payable from ad valorem property tax receipts or from any other laavful source and maturing within 40 years from the time it is incurred without prior referendum a�bproval; and WHE�AS the Council of the City (the "Council") has consid�ered the needs of the City and its residents, and has determined and does hereby determine that it is desirable and in the best interests to finance the City's share of the Wabash Crossing Phase II infrastructure costs (the "Project"), subject to amendment for such other corporate purp4ses as the Council may determine as hereinafter provided; and WHEREAS the estimated cost to the City of the Project is u�ot less than the sum of $4,500,000, plus the estimated available amount of interest earnirlgs on said sum prior to expenditure; and