Laserfiche WebLink
WHEREAS the Council has considered the needs of the City and has heretofore <br /> determined and does hereby determine that it is advisabie, necessary and in the best interests <br /> of the City to rehabilitate the Decatur Public Library Facility (the "Project"); and <br /> W HEREAS the estimated cost to the City of the Project is at least the sum of <br /> $5,200,000 plus any estimated available amount of interest earnings on said sum prior to its <br /> expenditure; and <br /> WHEREAS there are insufficient funds on hand and available to pay the costs of the <br /> Project, and it is necessary for that purpose that a sum to pay a portion of such costs be <br /> borrowed at this time, and in evidence of such indebtedness, General Obligation Bonds of <br /> the City be issued in the principal amount of $5,200,000, and that such indebtedness be <br /> incurred in accordance with the Act as hereinafter defined, and without submitting the <br /> question of incurring such indebtedness to the electors of the City for their approval; and <br /> WHEREAS the Council does hereby determine that it is advisable and in the best <br /> interests of the City to borrow $5,200,000 at this time pursuant to the Act for the purpose of <br /> paying a portion of the costs of the Project and, in evidence of such borrowing, issue its full <br /> faith and credit bonds in the principal amount of$5,200,000; <br /> NOW THEREFORE Be It Ordained by the Council of the City of Decatur, Macon <br /> County, Illinois, in the exercise of its home rule powers and in accordance with the Enabling <br /> Ordinance, as follows: <br /> Section 1. Definitions. In addition to such other words and terms used and defined <br /> in this Ordinance, the following words and terms used in this Ordinance shall have the <br /> following meanings, unless, in either case, the context or use clearly indicates another or <br /> different meaning is intended: <br /> -2- <br />