R89-136 TRANSFERRING AND REALLOCATING THE AGGREGATE REMAINING

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. , ' WHEREAS, the Home Rule Unit has a remaining unused balance of allocated Available Ceiling in the amount of $4 ,518 ,000 for the remainder of calendar year 1989; and, WHEREAS, pursuant to Section 146 of the Code, the Tax Reform Act of 1986 , and Public Act 85-1141 , the Home Rule Unit may reallocate to the Authority any remaining, unused allocated portion of its Available Ceiling; and, WHEREAS, the Authority has requested that the Home Rule Unit transfer and reallocate its remaining, unused allocated Available Ceiling, which would otherwise remain unused, to the Authority in order to enable the Authority to complete the successful financing of industrial, manufacturing, and commercial projects for economic development purposes throughout the State of Illinois; and, WHEREAS, it is in the best interest of the Home Rule Unit to transfer and reallocate $4 ,518,000 of the Home Rule Unit' s remaining, unused allocated Available Ceiling to the Authority and thereby permit the Authority to issue its tax-exempt private activity bonds to finance industrial, manufacturing, and commercial projects for economic development purposes throughout the State of Illinois. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF DECATUR, ILLINOIS: Section 1 . That the City of Decatur hereby transfers and reallocates its remaining, unused allocated Available Ceiling to the Authority for the purpose of enabling the Authority to complete the financing of industrial, manufacturing, and commercial projects for economic development purposes throughout the State of Illinois. Section 2 . That the Authority and Home Rule Unit shall each retain a copy of this Resolution in their records for the term of all private activity bonds of the Home Rule Unit issued during calendar year 1989 . Notice of this Resolution together with a copy of this Resolution shall be given in writing by the Authority to the Office of the Governor of the State of Illinois within ten days of the passage and approval hereof. Section 3 . That the officials of the Home Rule Unit are hereby authorized, empowered and directed to take all necessary or advisable actions in connection with the execution and implementation of this Resolution.