2001-58 PROVIDING FOR THE ISSUANCE OF A TAXABLE SUBORDINANTE LIEN PROMISSORY NOTE

Home Browse Search

� l ( WHE1tEAs, the City has heretofore adopted an ordinance approving the form of the Redevelopment Agreement, as provided in the Act: NOw, Tt�xEFo�, Be It and It Hereby is Ordained by the City Council of the City of Decatur, Macon County, Illinois, in the exercise of its home rule powers,as follows: Section 1. Definitions. The following words and terms used in this ordinance shall have the following meanings unless the context or use indicates another or different meaning: "Act" means the Tax Increment Allocation Redevelopment Act of the State of Illinois, as amended and supplemented from time to time, and specifically as supplemented by Section 6 of Article VII of the 1970 Constitution of the State of Illinois and by the Local Government Debt Reform Act, as supplemented and amended. "Additional Notes" means any obligations issued by the City in the future on a parity with and sharing ratably and equally in the Pledged Moneys with the Note. "Base Rate" means the "corporate base rate" announced by Banc One, Chicago, Illinois, as successor to The First National Bank of Chicago, Chicago, Illinois, from time to time, changing when and as said corporate base rate changes. "Bond Counsel"means Chapman and Cutler, Chicago, Illinois. "Business Day" means any day other than a day on which banks in the City of Chicago, Illinois, are required or authorized to close. "Ciry"means the City of Decatur, Macon County, Illinois, and its successors and assigns. "Code"means the Internal Revenue Code of 1986, as amended. "Corporate Authorities"means the City Council of the City. "Current Interest"means interest when due. "Deferred Accrued Interest" means accrued interest recorded by the Paying Agent as deferred and unpaid. `Designated Officers"means the Mayor, Manager, Clerk or Treasurer of the City or designees or assigns. -3- �