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ORDIN��iCE NUMBER 2��5-9� <br /> Arr O�irr.a,�rcE providing for the issuance of a not to exceed <br /> $2,600,000 General Obligation Note (Olde Towne Redevelopment <br /> Project), Series 2005, of the City of Decatur, Macon County, <br /> Illinois, to pay the costs of the West Main Streetscape <br /> Rehabilitation Project, and providing for the security for and <br /> payment of said Note. <br /> Wt��As the City of Decatur, Macon County, Illinois (the "City"), is a duly organized <br /> municipality under the laws of the State of Illinois, operating generally under the Illinois <br /> Municipal Code, as amended; has a population in excess of 25,000 as deterniined by the last <br /> official census; and pursuant to the provisions of Section 6 of Article VII of the Constitution of <br /> the State of Illinois, the City is a home rule unit and may exercise any power or perform any <br /> function pertauung to its government and affairs, including, but not limited to, the power to tax <br /> and to incur debt (the Illinois Municipal Code as supplemented and, where in conflict, superseded <br /> by said constitutional powers being the "Act"); and <br /> W�xxEAs pursuant to the provisions of the Act, the City has the power to incur debt <br /> payable from ad valorem property tax receipts or from any other lawful source and maturing <br /> within 40 years from the time it is incurred without prior referendum approval; and <br /> W��As the Council of the City (the "Council") has heretofore approved a <br /> redevelopment plan (the "Plan") and project, the designation of a project area and the adoption <br /> of tax increment allocation financing for that portion of the City now known as the Olde Towne <br /> Redevelopment Area (the `Area"), all pursuant to the Ta1c Increment Allocation Redevelopment <br /> Act, as amended (the "TIF Act"); and <br /> W�xEE.as the City has considered the needs of the City and its residents, and has <br /> determined and does hereby deternline that it is desirable and in the best interests that the Area be <br /> redeveloped and that the City assist in the redevelopment thereof by financing projects, including, <br />