R93-175 APPROPRIATING FUNDS FOR PAYMENT

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RESOLUTION NO. � �� "" � 1� RESOLUTION APPROPRIATING FUNDS FOR PAYMENT OF PRINCIPAL OF AND INTfiREST ON CORPORATfi PURPOSfi BONDS - BRUSH COLLEGF ROAD AND FARIfiS PARK INTERSECTION WHFREBY, 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 beat 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 1994 and 1995 in lieu of general taxes levied for the year 1993, by the provisions of said ordinance; and, WHEREAS, the levy of said general taxes for the year 1993 as provided by said ordinance have been abated in the amount of $456,925 of which amount $206,925 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 DfiCATUR, ILLINOIS: Section 1. That the sum of $206,925 be, and the same is hereby, ap- propriated from the allotment of Motor Fuel Tax Funds of the City to pay prin- cipal and interest to become due in 1994 and 1995 on those bonde 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. PRESENTFD AND ADOPTED thie 1�� day of I , 1993. � /, . , , z ,i% �/ '' > �'i /; MAY ATTEST: � ITY CLERK