2005-86 PROVIDING FOR THE ISSUANCE OF A TAXABLE GENERAL OBLIGATION NOTE

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� , ', O�tvINalvCE NimtBER 2005-86 AN ORDINANCE providing for the issuance of a not to exceed $500,000 Taxable General Obligation Note (Olde Towne Redevelopment Project), Series 2005A, of the City of Decatur, Macon County, Illinois, to pay the costs of the residential development, and providing for the security for and payment of said Note. WHEREAS the City of Decatur, Macon County, Illinois (the "City"), is a duly organized municipality under the laws of the State of Illinois, operating generally under the Illinois Municipal Code, as amended; has a population in excess of 25,000 as determined by the last of�cial 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not limited to, the power to t� and to incur debt (the Illinois Municipal Code as supplemented and, where in conflict, superseded by said constitutional powers being the `Act"); and WHEREws pursuant to the provisions of the Act, the City has the power to incur debt payable from ad valorem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 lawful source and maturing within 40 years from the time it is incuned without prior referendum approval; and WHEREAS the Council of the City (the "Council") has heretofore approved a redevelopment plan (the "Plan") and project, the designation of a project area and the adoption of tax increment allocation financing for that portion of the City now known as the Olde Towne Redevelopment Area (the "Area"), all pursuant to the T� Increment Allocation Redevelopment Act, as amended (the "T�F Act"); and WHExEAS the City has considered the needs of the City and its residents, and has determined and does hereby determine that it is desirable and in the best interests that the Area be redeveloped and that the City assist in the redevelopment thereof by financing projects, including, without limitation, residential development (the "Project"); and