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. ` + . <br /> t <br /> ORDINANCE NO. �U�� � <br /> AN ORDINANCE PRELIMINARILY APPROVING THE <br /> ISSUANCE OF QUALIFIED MORTGAGE BONDS <br /> OR MORTGAGE CREDIT CERTIFICATES <br /> WHEREAS, Section 6 (a) of Article VII of the 1970 <br /> Constitution of Illinois provides that "any municipality which <br /> has a population of more than 25,000 . . . (is) a Home Rule Unit" <br /> and the City of Decatur, Macon County, Illinois (the <br /> "Municipality") , has a population of more than 25, 000 and is <br /> therefore a Home Rule Unit and may, under the power granted by <br /> said Section 6 (a) of Article VII of said Constitution of 1970 <br /> exercise any power and perform any function pertaining to its _ <br /> government and affairs; and, <br /> WHEREAS, there exists within the borders of the Municipality <br /> a recognized need for decent, safe, sanitary and well-constructed <br /> and maintained housing which persons of moderate income can <br /> afford; and, <br /> WHEREAS, it is necessary and desirable that the Municipality <br /> issue either qualified mortgage bonds pursuant to Section 143 (a) <br /> of the Internal Revenue Code of 1986 (the "Code") or mortgage <br /> credit certificates pursuant to Section 25 of �i;e Code in order <br /> to reduce the cost of financing for the acquisition of housing � <br /> located in or near the Municipality for qualifying persons; and, <br /> WHEREAS, it is necessary and desirable that the Municipality <br /> apply for an allocation of 1990 "volume cap" under the Illinois <br /> Private Activity Bond Allocation Act to be used for the issuance <br /> of qualified mortgage bonds or mortgage credit certificates. <br /> NOW, THEREFORE, BE IT ORDAINED, BY THE CITY COUNCIL OF THE <br /> CITY OF DECATUR, ILLINOIS, as follows: <br /> Section 1 . Home Rule Authority. The Municipality is a home <br /> rule unit under the provisions of the 1970 Constitution of <br /> Illinois, and as a home rule unit may, under the powers granted <br /> by Section 6 (a) of Article VII thereof, "exercise any power and ' <br /> perform any function pertaining to its government and affairs, " <br /> and this Ordinance is adopted pursuant to the Municipality' s home i <br /> rule powers, any provisions contained in any other Municipality ' <br /> ordinance or resolution or in Illinois law to the contrary <br /> notwithstanding. <br /> Section 2 . Declaration of Public Purpose. It is hereby <br /> found, determined and declared that the purpose of this Ordinance <br /> is to take steps designed to reduce the cost of financing for the <br /> acquisition of principal residence housing located in or near the <br />