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MEMORANDUM OF AGREEMENT <br /> THIS MEMORANDUM OF AGREEMENT ( the "Agreement" ) is <br /> between the City of Decatur, Macon County, Illinois ( the "City" ) , <br /> and MILLIKIN ONIVERSITY, an Illinois not for profit corporation <br /> ( the "Corporation" ) . <br /> Preliminary Statement. Among the matters of mutual <br /> inducement which have resulted in this Agreement are the <br /> following: <br /> (a) The City is a duly constituted and existing <br /> municipality and a home rule unit within the meaning of Section <br /> 6(a) , Article VII of the Constitution of the State of Illinois. <br /> (b) The City, pursuant to its powers as a home rule <br /> unit, is authorized and empowered to issue its revenue bonds to <br /> finance and refinance the costs, including capitalized interest, <br /> of acquiring, constructing, renovating, remodeling and equipping <br /> educational facilities for private nonprofit institutions of <br /> higher education located within the City in order to enhance the <br /> general health and welfare of the residents of the City and the <br /> surrounding area. <br /> (c) The Corporation proposes to finance certain costs, <br /> including capitalized interest, if any, of acquiring, <br /> constructing, renovating, remodeling and equipping certain of its <br /> educational facilities, including, without limitation, the <br /> constructing and equipping of two dormitories for use by its <br /> students, to obtain reimbursement for certain of such costs, to <br /> establish a reserve fund to be held for the benefit of the owners <br /> of the hereinafter-referenced Bonds, if deemed necessary or <br /> advisable by the Corporation and the City, and to pay certain <br /> related expenses (collectively, the "Financing Purposes" ) , and <br /> desires to have the City indicate its present intention to issue <br /> its revenue bonds (the "Bonds" ) to provide funds for such <br /> purposes when requested to do so by the Corporation. <br /> (d) The City considers that such financing by the City <br /> of the Financing Purposes will enhance the general health and <br /> welfare of the residents of the City and the surrounding areas . <br /> 2. Undertaking on the Part of the City. Subject to <br /> due compliance with all requirements of law and the limits of the <br /> City's power, the City agrees as follows: <br /> (a) That upon request by the Corporation it will <br /> proceed to take such action as may be necessary to cause to be <br /> prepared such agreements, mortgages, indentures, or other <br /> -7- <br />