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ORDINANCE NO. 2006-27 <br /> AN ORDINANCE RESERVING VOLUME CAP IN CONNECTION WITH <br /> PRIVATE ACTIVITY BOND ISSUES,AND RELATED MATTERS. <br /> WHEREAS, the City of Decatur, Macon County, Illinois (the "Municipality"), is a <br /> municipality and a home rule unit of government under Section 6 of 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 $80.00 per resident of the Municipality in <br /> each calendar year, which volume cap may be reserved and allocated to certain tax-exempt <br /> private activity bonds; and <br /> WHEREAS, the Illinois Private Activity Bond Allocation Act, as amended (the "Act"), <br /> provides that a home rule unit of government may reserve its allocation of volume cap or transfer <br /> its allocation of volume cap to any other home rule unit of government, the State of Illinois or <br /> any agency thereof or any non-home rule unit of government; and <br /> WHEREAS, it is now deemed necessary and desirable by the Municipality to reserve its <br /> entire volume cap allocation for calendar year 2006 to be applied toward the issuance of private <br /> activity bonds (the "Bonds"), as provided in this Ordinance, or to be transferred, as permitted by <br /> this Ordinance; and <br /> WHEREAS, for purposes of the Act, the 2006 population of the Municipality is 78,751 and <br /> the Municipality's 2006 volume cap is $6,300,080. <br /> Now, THEREFORE, Be It Ordained by the Council of the City of Decatur, Macon County, <br /> Illinois, in exercise of its home rule powers, as follows: <br /> SECTION 1. That, pursuant to Section 146 of the Code and the Act, the entire volume <br /> cap of the Municipality for calendar year 2006 is hereby reserved by the Municipality, which <br /> shall issue Bonds using such volume cap, or shall use or transfer such volume cap, as hereinafter <br /> determined by the Council of the Municipality. <br /> SECTION 2. That the Municipality shall maintain a written record of this Ordinance in its <br /> records during the term that the Bonds or any other such bonds to which such volume cap is <br /> allocated remain outstanding. <br /> 2oos-2� <br /> 0000aoo <br />