88-88 AUTHORIZING AND APPROVING THE ISSUANCE AND SALE OF ...ILLINOIS REVENUE BONDS, MILLIKIN UNIVERSITY, SERIES 1988

Home Browse Search

� ` ` � � ;`- ORDINANCE NO. 88- 88 AN ORDINANCE authorizing and approving the issuance and sale of not to exceed $7,000,000 City of Decatur, Macon County, Illinois Revenue Bonds, Millikin University, Series 1988 (the "Series 1988 Bonds") , of the City of Decatur, Macon County, Illinois (the "City" ) , for the purpose of (i) financing, refinancing or reimbursing Millikin University, an Illinois not for profit ' corporation (the "Corporation" ) , for all or a portion of the costs of constructing and I equipping two dormitories for use by its I students, (ii) reimbursing the Corporation for certain prior capital expenditures made in connection with the renovation of its administration building, Shilling Hall, ( iii) establishing a debt service reserve fund and ( iv) paying certain costs incurred in connection with the issuance of the Series 1988 Bonds; authorizing and approving the execution and delivery of an Official Statement pertaining to the Series 1988 Bonds, a Trust Indenture dated as of October 1, 1988 between the City and The Citizens National Hank of Decatur, Decatur, Illinois, as trustee (the "Trustee" ) , a Loan Agreement, Mortgage and Security Agreement dated as of October 1, 1988 (the "Mortgage" ) between the City and the Corporation, a Tax Agreement among the City, the Corporation and the Trustee, a Representation Letter from the City and the Trustee to Midwest Securities Trust Company and a Bond Purchase Agreement among the City, the Corporation and William Blair & Company, as underwriter; approving the execution and delivery of the First Mortgage Note, Series 1988, of the Corporation under and pursuant to the Mortgage; approving the issuance and delivery of a Bond Insurance Policy by AMBAC Indemnity Corporation; and authorizing and approving certain related matters. WHEREAS, the City of Decatur, Macon County, Illinois