R99-165 AUTHORIZING THE EXECUTION OF A MEMORANDUM OF INTENT

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WHEREAS, a Memorandum of Intent has been presented to the City under the terms of which the City intends, subject to the provisions of such Memorandum of Intent, to issue its revenue bonds to finance such Project. Now, Therefore, Be It Resolved By the City Council of the City of Decatur, Illinois (the"City Council"): Section 1: That the preambles hereto are true and correct and are incorporated herein by reference as if fully set forth at this point. Section 2: That this Resolution constitutes a declaration of"of�icial intent" for the purposes of Internal Revenue Service Regulations Section 1.150-2 and is hereby declared to be based on reasonable expectations of the City Council, the City's elected officials and appointed officers. Section 3: That the Borrower reasonably expects to reimburse the Expenditures with proceeds of the Bonds or another borrowing. Section 4: That the City reasonably expects to reimburse the Expenditures with proceeds of the Bonds or another borrowing. Section 5: So as to accomplish the purposes of the Enabling Act and the Memorandum of Intent, the City intends to issue and sell its revenue bonds in an amount not to exceed $750,000 to assist the Borrower in financing the Project (the"Bonds"). Section 6: That the Mayor is hereby authorized to execute and the City Clerk is hereby authorized to attest a Memorandum of Intent with the Borrower in substantially the form of such memorandum appended to this Resolution as Exhibit A, the terms of which are incorporated herein by reference. Section 7: That the officers and employees of the City are hereby authorized to take such further action as is necessary to carry out the intent and purposes of the Memorandum of Intent as executed. Section 8: That the Project which is the subject matter of the Memorandum of Intent is declared to be for a public purpose and to be a matter pertaining to the government and affairs of the City. Section 9: That the City intends to designate the Bonds as "qualified tax exempt obligations" for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended, and in support of such intended designation that, including the Bonds, not more than $10,000,000 of obligations of the City (including any entities subordinate thereto) during calendar year 1999 will be designated by the City as "qualified tax exempt obligations" for purposes of said Section 265(b)(3). 2