R95-171 AUTHORIZING SALE OF GENERAL OBLIGATION REFUNDING BONDS

Home Browse Search

RESOLUTION NO. R95-171 RESOLUTION AUTHORIZING SALE OF NOT TO EXCEED $10,000,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 1995, OF THE CITY OF DECATUR, MACON COUNTY, ILLINOIS,AND AUTHORIZING CERTAIN PERSONS TO ACT IN CONNECTION THEREWITH WHEREAS, the Council (the "Council") of the City of Decatur, Macon County, Illinois (the "City"), has heretofore issued the following outstanding and validly subsisting and unpaid general obligations: GENERAL OBLIGATIONS BONDS, SERIES 1991 Original Principal Amount: $17,955,930.20 Dated: September 1, 1991 Originally Due: October 1 of the years 1992 through 1999 and 2014 Amount proposed to be refunded: $8,285,000 Refunded Bonds Due October 1 as follows: AMOUNT($) RATE (%) $8,285,000 6.90 which bonds may be called for redemption on October 1, 2001, or on any date thereafter at the redemption price of par plus accrued interest(the "1991 Bonds"); and, WHEREAS, the rates of interest currently available in the bond markets are generally more favorable than when the 1991 Bonds were issued, and it is possible to refund the 1991 Bonds at a net interest cost savings; and, WHEREAS, pursuant to the powers of the City as a home rule unit of government under Article VII of Section 6 of the Illinois Constitution, the City is authorized to issue general obligation bonds to accomplish the refunding (the "Refunding") of the 1991 Bonds, and it is deemed necessary and desirable to borrow money and to provide for the issuance of not to exceed $10,000,000 principal amount general obligation bonds in evidence thereof for the purpose of realizing such net debt service savings; and, WHEREAS, $10,000,000 of the Bonds will be issued in a series designated as Series 1995.