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ORDINANCE NO. 2005-26 II�� <br /> AN ORDINANCE RESERVING VOLUME CAP IN CONNECTION II�'� <br /> WITH PRIVATE ACTIVITY BOND ISSUES�AND RELATED 'I <br /> MATTERS <br /> W��As, 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 I <br /> W�xEAs, 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 private <br /> activity bonds; and <br /> W��As, 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 any <br /> agency thereof or any non-home rule unit of government; and <br /> W��As, it is now deemed necessary and desirable by the Municipality to reserve its <br /> entire volume cap allocation for calendar year 2005 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 /> W��As, for purposes of the Act, the 2005 population of the Municipality is 79,285 and <br /> the Municipality's 2005 volume cap is $6,342,800. <br /> Now, �x�FoxE, 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 />