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WHEREAS, the City of Decatur, Macon County, Illinois (the "City"), is a duly <br /> constituted and existing municipality and a home rule unit within the meaning of <br /> Section 6(a), Article VII of the Constitution of the State of Illinois; and <br /> WHEREAS, the City, pursuant to its powers as a home rule unit, is authorized and <br /> empowered to issue its revenue bonds to finance and refinance the costs of acquiring, <br /> constructing, renovating and equipping educational facilities for private, nonprofit <br /> institutions of higher education located within the City in order to enhance the general health <br /> and welfare of the residents of the City and the surrounding areas; and <br /> W HEREAS, Millikin University, an Illinois not for profit corporation (the <br /> "Corporation"), has requested that the City issue its revenue bonds and loan the proceeds <br /> thereof to the Corporation to provide all or a portion of the funds necessary to (i) advance <br /> refund the City of Decatur, Macon County, Illinois Revenue Bonds, Millikin University, <br /> Series 1988 (the "Series 1988 Bonds"), (ii) advance refund the City of Decatur, Macon <br /> County, Illinois Revenue Bonds, Millikin University, Series 1991 (the "Series 1991 <br /> Bonds"), (iii) establish a debt service reserve fund for the benefit of the Series 1993 Bonds <br /> hereinafter referred to and (iv) pay certain costs incurred in connection with the issuance of <br /> the Series 1993 Bonds and the advance refunding of the Series 1988 Bonds and the <br /> Series 1991 Bonds; and <br /> WHEREAS, in order to provide such funds, it is necessary and in the best interest of <br /> the City and in furtherance of the general health and welfare of the residents of the City and <br /> the surrounding areas to authorize the issuance of not to exceed $10,000,000 in aggregate <br /> principal amount of City of Decatur, Macon County, Illinois Revenue Refunding Bonds, <br /> Millikin University, Series 1993 (the "Series 1993 Bonds"), and the same is a matter <br /> pertaining to the government and affairs of the City; and <br /> -2- <br />