R99-165 AUTHORIZING THE EXECUTION OF A MEMORANDUM OF INTENT

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, � RESOLUTION NO. x99-165 RESOLUTION AUTHORIZING THE EXECUTION OF i A MEMORANDUM OF 1NTENT WITH EASTER SEALS CENTRAL ILLINOIS, INC., AN ILLINOIS NOT- FOR-PROFIT CORPORATION WHEREAS, the City of Decatur, Illinois, a political subdivision, body politic and home rule municipality, duly organized and validly existing under the laws of the State of Illinois (the "City"), under and pursuant to The Industrial Project Revenue Bond Act, 65 II,CS 5/11-74-1 et seq., as supplemented and amended, including by the Illinois Bond Replacement Act, the Registered Bond Act, the Bond Authorization Act and Section 6 (Powers of Home Rule Units) of Article VII (Local Government) of the Constitution of the State of Illinois (collectively, the "Enabling Act"), is authorized and empowered among other things(a)to make a loan to assist in the acquisition, construction, installation and equipping of qualifying "industrial projects" under the Enabling Act and (b) to issue and sell its revenue bonds to provide moneys for such a loan; and WHEREAS, EASTER SEALS CENTRAL ILLINOIS, INC., an Illinois not-for- profit corporation, (the "Borrower") wishes to finance a portion of the cost of the acquisition, construction, installation and equipping of a new one (1) story building of appro�mately 14,400 square feet and adjacent paved parking area, all of which will be situated on a two (2) acre site located at 2715 North 27th Street, Decatur, Illinois, said location being within the territorial boundaries of the City, to be owned and operated by the Borrower, and which when completed will be used by the Borrower to provide programs and services to individuals with disabilities within the Borrower's twelve (12) county service area, to help people with disabilities increase their independence and quality of life and to provide conference rooms, therapy rooms, administrative offices, activity rooms, child care rooms, kitchen, community room, toy learning center and case management offices, all necessary for the delivery of the Borrower's programs and services (the "Project") and wishes to have the City issue its industrial revenue bonds pursuant to the Enabling Act in an amount not to exceed $750,000 to assist the Borrower in financing the Project (the"Bonds"); and WHEREAS, Internal Revenue Service Regulations Section 1.150-2 requires the City, as the proposed issuer of the Bonds, to declare its official intent to use a portion of the proceeds of the Bonds to reimburse allowable expenditures relating to the Project made prior to the issuance of the Bonds; and WHEREAS, all or a portion of the allowable expenditures relating to the Project (the "Expenditures") (i) have been paid within sixty (60) days prior to the passage of this Resolution or(ii)will be paid on or after the passage of this Resolution; and