R2016-78 AUTHORIZING CITY MANAGER TO ENTER INTO A DEBT INSTRUMENT (Local Street Resurfacing & Reconstruction)

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RESOLUTION NO. R2016- 78 RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A DEBT INSTRUMENT TO FINANCE LOCAL STREET RESURFACING AND RECONSTRUCTION WHEREAS, the City of Decatur is a home rule unit of local government with authority to legislate in matters concerning its local government and affairs; and WHEREAS, the City Council has defined local street resurfacing and reconstruction as a goal which is in the best interests of health, safety and welfare of the citizens of Decatur; and WHEREAS, on February 16, 2016, the City Council adopted Council Ordinance 2016-08 imposing a local motor fuel tax to raise revenue to affect the construction and maintenance of municipal streets and extensions, curbing, grade separations and approaches and engineering services related to those above listed items NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE C1TY OF DECATUR, ILLINOIS: Section 1. That the City Manager be, and he is hereby, authorized to enter into a not to a not to exceed debt principal of$7,500,000 to finance local street resurfacing and reconstruction, Section 2. That the debt instrument will be for a principal repayment term of not to exceed nine(9) years, Section 3. The interest financing rate will not exceed 5%, Section 4. The loan will be set with terms and conditions acceptable to the City Manager and the City Treasurer as necessary to secure the debt instrument. PRESENTED and ADOPTED this 20�'day of June, 2016. � J 'e Moore Wolfe, Mayor ATTEST: � City Clerk