2001-08 PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION LINE OF CREDIT NOTES

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r t � projects, including, without limitation, land and building purchases and any other eligible redevelopment project costs under the TIF Act and as contemplated by the Plan (the "TIF Project'�; and WHEREAS, the Corporate Authorities have heretofore, and it hereby is, determined that the TIF Project will specifically benefit the Area; and WHEREAS, the costs of the TIF Project constitute eligible redevelopment project costs as defined in the TIF Act; and WHEREAS the City has considered the needs of the City and its residents, and has also determined and does hereby determine that it is desirable and in the best interests to finance redevelopment projects for the HOPE VI redevelopment to be undertaken in conjunction with the Decatur Housing Authority(the "HOPE VI Project"); and WHEREAS it is deemed by the Corporate Authorities to be necessary and advisable and in the best interests of the residents of the City to obtain funds to pay a portion of the costs of the TIF Project and the HOPE VI Project(collectively, the `RedevelopmentProject") and subject to amendment for such other corporate purposes as the Corparate Authorities may determine as hereinafter provided; and WHEREAS the estimated cost to the City of the Redevelopment Project is not less than the sum of$10,000,000,plus the estimated available amount of interest earnings on said sum prior to expenditure; and WxE�As it is necessary for that purpose that a sum to pay such costs be borrowed from time to time and in evidence of such indebtedness general obligation notes of the City be issued in the principal amount of not to exceed $10,000,000, and that such indebtedness be incurred in accordance with the home rule powers of the City, as aforesaid, and without submitting the question of incurring such indebtedness to the electors of said City for their approval; and -2-