R95-173 APPROPRIATING FUNDS FOR PAYMENT OF PRINCIPAL OF & INTEREST ON CORPORATE PURPOSE BONDS

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. RESOLUTION NO. R 5-1 3 RESOLUTION APPROPRIATING FUNDS FOR PAYMENT OF PRINCIPAL OF AND INTEREST ON CORPORATE PURPOSE BONDS - BRUSH COLLEGE ROAD AND FARIES PARK INTERSECTION WHEREBY, by Ordinance No. 89-97 passed and approved December 11, 1989, bonds of the City were issued and funds appropriated, among other things, for the road improvements to improve the traffic flow and safety at Brush College Road and Faries Parkway Intersection; and, WHEREAS, a copy of said ordinance has been filed with the Illinois Department of Revenue; and, WHEREAS, the Council finds it to be in the best interests of the City to apply Motor Fuel Taxes allocated to the City in payment of the principal of and interest on said bonds to become due 1996 and 1997 in lieu of general taxes levied for the year 1995, by the provisions of said ordinance; and, WHEREAS, the levy of said general taxes for the year 1995 as provided by said ordinance have been abated in the amount of$188,250 of which amount $188,250 is for such principal of and interest on that portion of the bonds the proceeds of which apply to said road improvements. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF DECATUR, ILLINOIS: Section 1. That the sum of $188,250 be, and the same is hereby, appropriated from the allotment of Motor Fuel Tax Funds of the City to pay principal and interest to become due in 1996 and 1997 on those bonds of the City issued to pay for the repair and refurbishing of Brush College Road and Faries Parkway Intersection. Section 2. That the City Clerk be, and she is hereby, authorized and directed to cause three certified copies of this Resolution to be transmitted to the Illinois Department of Transportation through the District Engineer. PRESENTED AND ADOPTED this 18th day of December, 1995. ��,,_ - _ L� ,�._ RRY . OWLEY, MAYOR ATTEST: ..--�--' ,—_------ a CI CLERK