R98-45 EVIDENCING THE INTENTION OF THE CITY

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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS: Section l. That, in order to provide decent, safe and sanitary housing that persons of low and moderate income in the City of Decatur, Illinois, can afford, with the resulting public bene- fits expected to flow therefrom, it is deemed necessary and desirable for the Issuer to issue its revenue bonds in an aggregate principal amount not to exceed $75,000,000 (the "Bonds'�, for the purpose of financing mortgage loans to persons of low and moderate income for one to four fam- ily residences located in the City of Decatur, Illinois. Section 2. That the Issuer will issue the Bonds in an aggregate principal amount not to exceed $75,000,000 for the aforesaid purposes; that such Bonds shall not constitute an indebted- ness, liability, general or moral obligation or a loan of credit of the Issuer, within the meaning of any constitutional or statutory provisions, but will be payable solely from the repayment of the mortgage loans; that neither the faith and credit nor the taxing power of the Issuer will be pledged to the payment of the principal of or interest on the Bonds; and that the Issuer will not have the right or authority to levy taxes to pay the principal of or interest on the Bonds. Section 3. That, pursuant to the Intergovernmental Cooperation Act, the Issuer may choose to issue the Bonds jointly with or on behalf of one or more municipalities if the Issuer so determines, or to have the Bonds issued by another municipality on behalf of the Issuer if the Is- suer so determines, such determinations to be made in the best judgment of the Mayor of the Is- suer that such a cooperative effort is in the best interests of the Issuer. Section 4. That the Issuer hereby reserves all of its volume cap for calendar year 1998 for the issuance of the Bonds, which volume cap will be allocated to the issuance of the Bonds upon the adoption of an ordinance authorizing the issuance of the Bonds. Section 5. That the Issuer hereby agrees to work with Bigelow & Company and Gates Capital Corporation to underwrite the Bonds and with Chapman and Cutler, as Bond Counsel, in connection with the issuance of the Bonds during calendar year 1998. Section 6. That the Mayor, the City Clerk and all other proper officers, officials, agents and employees of the Issuer are hereby authorized, empowered and directed to do all such acts and things and to execute all such documents and certificates as may be necessary to further the purposes and intent of this resolution, including without limitation to obtain an allocation of uni- ', fied volume cap. �, Section 7. That the provisions of this resolution are hereby declared to be separable, and ' if any section, phrase or provision of this resolution shall for any reason be declared to be inva- lid, such declaration shall not affect the remainder of the sections, phrases and provisions of this resolution.