93-19 AUTHORIZING THE SALE OF CERTAIN MORTGAGE LOANS, PURCHASED WITH THE PROCEEDS OF THE SINGLE FAMILY MORTGAGE REVENUE BONDS, 1979 SERIES A...

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�.�r . O RDINANCE NO. /3 -- / q AN ORDINANCE authorizing the sale of certain Mortgage Loans, purchased with the proceeds of the Single Family Mortgage Revenue Bonds, 1979 Series A of the City of Decatur, Macon County, Illinois, authorizing the execution and delivery of certain documents in connection therewith, confirming the sale thereof, and related matters. WHEREAS, the City of Decatur, Macon County, IIlinois (the "Issuer") is a home rule unit of government under Section 6 of Article VII of the 1970 Constitution of the State of Illinois; and WHEREAS, pursuant to the Constitution and the laws of the State of Illinois, and particularly its powers as home rule unit of government, Ordinance No. 78-137 duly adopted by the City Council of the Issuer on September 5, 1978, and the Trust Indenture dated as of January 1, 1979, by and among the Issuer, First Wisconsin Trust Company, as Trustee, and Continental Illinois National Bank and Trust Company of Chicago (now known as Continental Bank, National Association), as Custodian (the "Prior Indenture"), developed a program with a certain lending institution (together with its successors in interest, the "Lending Institution") for the origination by the Lending Institution of mortgage loans to finance residential real property owned by persons of low and moderate income within City of Decatur, Illinois (the "Mortgage Loans"), which Mortgage Loans are currendy serviced by the Lending Institution; and W�rE�tEAS, the Issuer provided for the financing of the making of the Mortgage Loans by the sale and issuance of its Single Family Mortgage Revenue Bonds, 1979 Series A (the "Prior Bonds"), such Prior Bonds being secured by the Prior Indenture, and, except to the extent payable from the proceeds of the Prior Bonds, certain reserve funds, certain insurance proceeds or moneys from the investment thereof, to be payable solely from the revenues and receipts and other amounts received by the Issuer from the Mortgage Loans; and WHEREAS, it is now considered necessary, desirable and in the public interest for the Issuer to sell the Mortgage Loans (including without limitation the related mortgage notes, the related mortgages or deeds of trust and the related assets) and to provide for the payment of the principal of and interest on the Prior Bonds with the proceeds of such sale in accordance with the provisions of Article VII of the Prior Indenture; and WHEREAS, it is necessary and desirable in connection with the sale of the Mortgage Loans (including without limitation the related mortgage notes, the related mortgages or deeds of trust and the related assets) to execute certain other documents and instruments, including without limitation assignments of the Mortgage Loans; NoW, THEREFORE, Be It Ordained by the City Council of the Ciry of Decatur, Macon County, Illinois, as follows: 111194.01.07 747758/CLJ:4/12/93