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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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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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8/23/2016 4:28:41 PM
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8/23/2016 4:28:40 PM
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Resolution/Ordinance
Res Ord Num
90-57
Res Ord Title
EXPRESSING THE INTENT OF THE CITY OF DECATUR...TO ASSIST MILLIKIN UNIVERSITY...THROUGH THE ISSUANCE AND SALE OF THE CITY'S REVENUE BONDS...
Approved Date
5/21/1990
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WHEREAS, Millikin University, an Illinois not for <br /> profit corporation (the "Corporation" ) , desires to have the City <br /> indicate its present intention to issue its revenue bonds ( the <br />, "Bonds" ) and loan the proceeds thereof to the Corporation, when <br /> requested to do so by the Corporation, to provide all or a <br /> portion of the funds necessary to finance or refinance certain <br /> costs of ( i ) acquiring, constructing, renovating, remodeling and <br /> equipping certain educational facilities of the Corporation <br /> including, without limitation, the constructing and equipping of <br /> two dormitories for use by its students, ( ii ) paying capitalized <br /> interest on the Bonds, if any, ( iii) establishing a debt service <br /> reserve fund for the Bonds to be held for the benefit of the <br /> owners of the Bonds, if deemed necessary, and ( iv) paying certain <br /> costs incurred in connection with the issuance of the Bonds <br /> (collectively, the "Financing Purposes" ) ; and <br /> WHEREAS, a Memorandum of Agreement, attached hereto as <br /> Exhibit A, has been presented to the City under the terms of <br /> which the City agrees, upon request by the Corporation and <br /> subject to the provisions of such Agreement, to begin the <br /> proceedings necessary to enable it to issue the Bonds to provide <br /> funds for the Financing Purposes; <br /> NOW, THEREFORE, Be It Ordained, by the City Council of <br /> the City of Decatur, Macon County, Illinois, as follows: <br /> SECTION 1. Exercise of Home Rule Powers. The City is <br /> a home rule unit under the provisions of the 1970 Constitution of <br /> -2- <br />
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