90-57 EXPRESSING THE INTENT OF THE CITY...TO ASSIST MILLIKIN UNIVERSITY...THROUGH THE ISSUANCE AND SALE OF THE CITY'S REVENUE BONDS

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. � ' uuser/heajel/000026-cc/3/050890 • . , �. . . , ORDINANCE NO. 90- � ( AN ORDINANCE expressing the intent of the City of Decatur, Macon County, Illinois (the "City" ) , to assist Millikin University, an Illinois not for profit corporation ( the "Corporation" ) , through the issuance and sale of the City' s revenue bonds ( the "Bonds" ) , the proceeds of which to be used by the Corporation to finance or refinance certain costs of ( i) acquiring, constructing, renovating, remodeling and equipping certain of its educational facilities, including, without limitation, the constructing and equipping of two dormitories for use by its students, ( ii) paying capitalized interest on the Bonds, if any, ( iii) establishing a debt service reserve fund for the benefit of the owners of the Bonds, if deemed necessary, and ( iv) paying certain costs incurred in connection with the issuance of the Bonds; authorizing and approving the execution and , delivery of a Memorandum of Agreement ', expressing such intent; and authorizing and I, approving certain related matters. �, WHEREAS, the City of Decatur, Macon County, Illinois �� ( the "City" ) , is a duly �onstituted and existing municipality and a home rule unit within the meaning of Section 6 (a) , Article VII of the Constitution of the State of Illinois; and WHEREAS, the City, pursuant to its powers as a home rule unit, is authorized and empowered to issue its revenue bonds to finance and refinance the costs, including capitalized interest, of acquiring, constructing, renovating, remodeling and equipping educational facilities for private, nonprofit institutions of higher education located within the City in order to enhance the general health and welfare of the residents of the City and the surrounding areas; and