R95-77 AUTHORIZING AGREEMENT - BACHRACH CLOTHING, INC.

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� ' , f ! 4 � �/ ♦ ~ ! ` City so approves, from the proceeds from municipal obligations, ' which have as their principal repayment source tax increment . revenue. To secure the issuance of these obligations, the City • may permit the utilization of guarantees, deposits and other forms of security, made available by the private sector, including project developers. The tax increment revenue which will be used to fund tax increment obligations and Redevelopment Project Costs shall be incremental taxes attributable to the increase in the current equalized assessed value of each taxable lot, block, tract or parcel of real property in the Redevelopment Project Area, over and above the initial equalized assessed value of each such property in the Redevelopment Project Area. Other sources of funds which may be used to pay for Redevelopment Project Costs and obligations issued, the proceeds of which are used to pay for such costs, are land disposition proceeds, Industrial Development Bonds, County, State and Federal government grants, other investment income, funds are available by the private sector including project developers, and such other sources as may from time to time be available. The City of Decatur by the adoption of this Plan makes no commitment as to the source of funds to pay for Redevelopment Project Costs. VIII. ISSUANCE OF OBLIGATIONS TO PAY FOR REDEVELOPMENT The City of Decatur may issue obligations or otherwise borrow funds, repayment of which will be secured by the tax increment special tax allocation fund pursuant to Section il- 74.4-7 of the Act, and its Home Rule Powers under the Constitution of the State of Illinois. Any such obligations shall be retired not more than twenty three years from the adoption of the ordinance approving the Redevelopment Project Area. In any event, the final maturity date of any such obligation may not be later than twenty (20) years from their respective dates. One or more series of obligations may be sold at one or more times in order to implement this Redevelopment Plan. The amounts payable in any year as principal of and interest on all obligations issued by the City, pursuant to the Redevelopment Plan and the Act, shall not exceed the amounts available, or projected to be available, from tax increment revenues and from such bond sinking funds, capitalized interest funds, debt service reserve funds and other sources of funds as may be provided by ordinance. Revenues shall be used for the scheduled and/or early retirement of obligations, and for reserves, sinking funds and redevelopment project costs, and, to the extent not used for such purposes, may be declared surplus and shall then become available for distribution annually to the State and taxing districts in the Redevelopment Area in the manner provided by the Act. 7