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

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W�REAS the Council has heretofore, and it hereby is, determined that the Project will specifically benefit the Area; and WHEREAS the costs of the Project constitute eligible Project costs as defined in the TIF Act; and WHEREAS it is deemed by the Council to be necessary and advisable and in the best interests of the residents of the City to obtain funds to pay a portion of the costs of the Project and subject to amendment for such other corporate purposes as the Council may determine as hereinafter provided; and W�REAS the estimated cost to the City of the Project is not less than the sum of $500,000, plus the estimated available amount of interest earnings on said sum prior to expenditure; and WHEREAS it is necessary for that purpose that a sum to pay such costs be borrowed from time to time and in evidence of such indebtedness a general obligation note of the City be issued in the principal amount of not to exceed $500,000, and that such indebtedness be incurred in accordance with the home rule powers of the City, as aforesaid, and without submitting the question of incurring such indebtedness to the electors of said City for their approval; Now THEREFORE Be It Ordained by the Council of the City of Decatur, Macon County, Illinois, in the exercise of its home rule powers, as follows: Section 1. Definitions. In addition to such other words and terms used and defined in this ordinance, the following words and terms used in this Ordinance shall have the following meanings, unless, in either case, the context or use clearly indicates another or different meaning is intended: `Act" means the Illinois Municipal Code, as supplemented and amended (including, specifically, the TIF Act), and the home rule powers of the City under Section 6 of Article VII of the Illinois Constitution of 1970. In the event of conflict -2-