R98-45 EVIDENCING THE INTENTION OF THE CITY

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RESOLUTION NO. R98-45 RESOLUTION EVIDENCING THE INTENTION OF THE CITY OF DECATUR, MACON COUNTY, ILLINOIS, TO ISSUE SINGLE FAMILY MORTGAGE REVENUE BONDS AND RELATED MATTERS WHEREAS, the City of Decatur, Macon County, Illinois (the "Issuer") is a municipality and a home rule unit of government under Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois; and, WHEREAS, the availability of decent, safe and sanitary housing that most people can af- ford is essential to retain and increase industrial and commercial activities and relieve conditions of unemployment in the City of Decatur, Illinois; and, WHEREAS, the shortage of decent, safe and sanitary housing that most people can afford is not transitory and self-curing; the cost of financing such housing is a major and substantial fac- tor affecting the supply and cost of decent, safe and sanitary housing built by private enterprise; and the revenue bonds provided for in this resolution will substantially lower the cost of such fi- nancing; and, '� WHEREAS, pursuant to the Constitution and the laws of the State of Illinois, and particu- larly Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, the City Council of the Issuer has the power to issue its revenue bonds to aid in financing the cost of mortgage loans for one to four family residences in the City of Decatur, Illinois; and, WHEREAS, it is now considered to be necessary and desirable and in the public interest of the residents of the City of Decatur, Illinois, for the Issuer to issue its Revenue bonds in an amount not to exceed $75,000,000, for the purpose of financing mortgage loans to low and mod- erate income persons for one to four family residences in the City of Decatur, Illinois; and, WHEREAS, pursuant to the Constitution and the laws of the State of Illinois, and particu- larly Section 10 of Article VII of the 1970 Constitution of the State of Illinois and 5 Illinois Complied Statutes 1994, 220/1 et seq., as supplemented and amended (the "Intergovernmental Cooperation Act"), home rule units of government may exercise jointly any power which they could individually exercise.