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e <br /> � ' c <br /> ORDINANCE NUMBER 2001-08 <br /> AN ORDINANCE providing for the issuance of not to exceed <br /> $10,000,000 General Obligation Line of Credit Notes, of the City <br /> of Decatur, Macon County, Illinois, to pay the costs of <br /> redevelopment projects, and providing for the security for and <br /> payment of said Notes. <br /> WHEREAS the City of Decatur, Macon County, Illinois (the "City"), is a duly organized <br /> municipality under the laws of the State of Illinois, operating generally under the Illinois <br /> Municipal Code, as amended; has a population in excess of 25,000 as determined by the last <br /> official census; and pursuant to the provisions of Section 6 of Article VII of the Constitution of <br /> the State of Illinois, the City is a home rule unit and may exercise any power or perform any <br /> function pertaining to its government and affairs, including, but not limited to, the power to tax <br /> and to incur debt (the Illinois Municipal Code as supplemented and, where in conflict, <br /> superseded by said constitutional powers being the "Act"); and <br /> WxE1tEAs pursuant to the provisions of the Act, the City has the power to incur debt <br /> payable from ad valorem property tax receipts or from any other lawful source and maturing <br /> within 40 years from the time it is incurred without prior referendum approval; and <br /> WHEREAS the Council of the City (the "Corporate Authorities") has heretofore prepared <br /> the requisite eligibility report and redevelopment plan for, fixed the time and date of a public <br /> hearing on, convened a joint review board to consider, and given notice of and held a public <br /> hearing on the approval of a redevelopment plan and project (the `Plan'�, the designation of a <br /> redevelopment project area and the adoption of tax increment allocation financing for that <br /> portion of the City now known as the Olde Towne Redevelopment Area (the "Area"), all <br /> pursuant to the Tax Increment Allocation Redevelopment Act, as amended(the "TIF Act"); and <br /> WHEREAS the City has considered the needs of the City and its residents, and has <br /> determined and does hereby determine that it is desirable and in the best interests that the Area <br /> be redeveloped and that the City assist in the redevelopment thereof by financing redevelopment <br />