2004-54 AUTHORIZING AND APPROVING THE REFUNDING OF OUTSTANDING SERIES 1993 BONDS

Home Browse Search

University, Series 1993 (the "Series 1993 Bonds"), of which $7,210,000 in aggregate principal amount remains outstanding, in accordance with the provisions of that certain Trust Indenture dated as of August 1, 1993 (the "Series 1993 Indenture") between the City and First of America Trust Company, as trustee, to provide Millikin University (the "University"), an Illinois not-for-profit corporation with funds to (i) refund certain other outstanding revenue bonds issued by the City for the benefit of the University, (ri) establish a debt service reserve fund for the benefit of the Series 1993 Bonds and (ui) pay certain costs incurred in connection with the issuance of the Series 1993 Bonds; and W�xEas,the University desires to refund all outstanding Series 1993 Bonds; and W��As, to provide funds to accomplish the foregoing, the University has requested The County of Macon, Illinois to issue its revenue refunding bonds and lend the proceeds thereof to the University to be used, among other things, to effect the refunding of all outstanding Series 1993 Bonds; and Wr-�xxEAs, in order to accomplish such refunding, the University desires that the City authorize and approve the execution and delivery by the City of a supplement to the Series 1993 Indenture; and W��As, the City desires to authorize and approve the execution and delivery of a supplement to the Series 1993 Indenture and the execution and delivery of any other necessary documentation to effect the refunding of all outstanding Series 1993 Bonds; , Now, THEREFORE, BE rr o��D by the City Council of the City of Decatur, Macon ' County, Illinois, as follows: