R96-43 ALLOCATING PRIVATE ACTIVITY BOND VOLUME CAP

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RESOLUTION R96-43 A RESOLUTION ALLOCATiNG PRiVATE ACTIVITY BOND VOLUME CAP AND PROVIDING THE TERMS AND CONDiTIONS OF SUCA ALLOCATION, AND RELATED MATTERS WHEREAS, the City of Decatur, in Macon County, Illinois ("Decatur"), pursuant to the most recent census showing a population of 83,885, is a "home rule unit" and "constitution�l home rule ci " under Section 6 of Article VII of the Constitution of the State of Illinois un r ty , de the Illinois Private Activity Bond Allocation Act (30 ILCS 345/1 et se�c . ) and under Section 146 ' of the Internal Revenue Code of 1986, as amended (the "Code"), with the authority to allocate the State ceiling volume cap allocated to it in accordance with Section 146 of the Code; and WHEREAS, pursuant to the Industrial Project Revenue Bond Act (65 ILCS 5/1 1-74-1 et se .) , as su lemented and amended ursuant to Decatur's home rule authorit , Decatur � PP P Y proposes to issue $3,000,000 maximum principal amount of Industrial Development Revenue Bonds (Ring Can Corporation Project) (howsoever actually styled, the "Bonds"), to assist Ring Can Corporation (including another business form or related or affiliated entity, as the case may be, the "Company"), in financing the acquisition and insta(lation of machinery for the manufacturing of plastic bottles, and other products to be located at or near 2454 Hubbard Avenue, Decatur, Illinois (the "Project"); and NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DECATUR, IN MACON COUNTY, ILLINOiS, as follows: Section 1. Allocation. Pursuant to Section 146 of the Code, Decatur hereby allocates to the Bonds for the Project $3,000,000 maximum principal amount of the State ceiling limitation volume cap available to Decatur. Decatur represents that this allocation is the first allocation of such State ceiling limitation made by Decatur in the calendar year 1996 and that no allocation shall be made to any other project or financing which would abrogate, diminish or impair such allocation Section 2. Terms and Limit�tions. The allocation for the Bonds to finance the Project under Section 1 shall be and is hereby subject to each and all of the terms and limitations, as follows: (a) Such allocation is expressly limited to $3,000,000 maximum principal amount; � (b) The Bonds shall be issued, delivered and paid for and the allocation to the �� Bonds given effect and completed, if at all, on or before December 1, 1996, and bond counsel ("Bond Counsel") for the Bonds shall certify to the City Manger or City Attorney by telephone, I