2004-26 RESERVING VOLUME CAP - Laserfiche WebLink

Home Browse Search

ORDINANCE NO. �-� ORDINANCE RESERVING VOLUME CAP IN CONNECTION WITH PRIVATE ACTIVITY BOND ISSUES�AND RELATED MATTERS. W�xEAs, the City of Decatur, Macon County, Illinois(the "City"), is a municipality and a home rule unit of government under Section 6 of Article VII of the 1970 Constitution of the State of Illinois; and W��as, Section 146 of the Internal Revenue Code of 1986, as amended (the "Code"), provides that the City has volume cap equal to $80.00 per resident of the City in each calendar year, which volume cap may be reserved and allocated to certain tax-exempt private activity bonds; and W�xEas, the Illinois Private Activity Bond Allocation Act, as amended (the "Act"), provides that a home rule unit of government may reserve its allocation of volume cap or transfer its allocation of volume cap to any other home rule unit of government, the State of Illinois or any agency thereof or any non-home rule unit of government; and W�xEAs, it is now deemed necessary and desirable by the City to reserve its entire volume cap allocation for calendar year 2004 to be applied toward the issuance of private activity bonds (the "Bonds"), as provided in this Ordinance, or to be transferred, as permitted by this Ordinance; Now, ��Fo�, Be It Ordained by the Council of the City of Decatur, Macon County, Illinois, as follows: SECTION I. TYI�t, pursuant to Section 146 of the Code and the Act, the entire volume cap of the City for calendar year 2004 is hereby reserved by the City, which shall issue Bonds using such volume cap, or shall use or transfer such volume cap, as hereinafter determined by the Council of the City. SECTION Z. That the City shall maintain a written record of this Ordinance in its records during the term that the Bonds or any other such bonds to which such volume cap is allocated remain outstanding. 1673933.01.01 0000400