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WHEREAS, the City, pursuant to its powers as a home <br /> rule unit, is authorized and empowered to issue its revenue bonds <br /> to finance and refinance the costs of acquiring, constructing, <br /> renovating and equipping educational facilities for private, <br /> nonprofit institutions of higher education located within the <br /> City in order to enhance the general health and welfare of the <br /> residents of the City and the surrounding areas; and <br /> WHEREAS, Millikin University, an Illinois not for <br /> profit corporation ( the "Corporation" ) , has requested that the <br /> City issue its revenue bonds and loan the proceeds thereof to the <br /> Corporation to provide all or a portion of the funds necessary to <br /> ( i ) finance, refinance or obtain reimbursement for all or a <br /> portion of the costs of constructing and equipping two <br /> dormitories for use by its students, ( ii ) establish a debt <br /> service reserve fund for the Series 1991 Bonds hereinafter <br /> referred to and ( iii ) pay certain costs incurred in connection <br /> with the issuance of the Series 1991 Bonds (collectively, the <br /> "Project" ) ; and <br /> WHEREAS, in order to provide such funds, it is <br /> necessary and in the best interest of the City and in furtherance <br /> of the general health and welfare of the residents of the City <br /> and the surrounding areas to authorize the issuance of not to <br /> exceed $2, 100, 000 in aggregate principal amount of City of <br /> Decatur , Macon County, Illinois Revenue Bonds, Millikin <br /> University, Series 1991 (the "Series 1991 Bonds" ) , and the same <br /> -2- <br />