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(the "City" ) , is a duly constituted and existing municipality and <br /> a home rule unit within the meaning of Section 6(a) , Article VII <br /> of the Constitution of the State of Illinois; and <br /> WHEREAS, the City, pursuant to its powers as a home <br /> rule unit, is authorized and empowered to issue its revenue bonds <br /> to finance and refinance the cost of acquiring, constructing, <br /> renovating and equipping educational facilities for private, <br /> nonprofit institutions of higher education located within the <br /> City in order to enhance the general health and welfare of the <br /> residents of the City and the surrounding areas; and <br /> WHEREAS, Millikin University, an Illinois not for i <br /> profit corporation (the "Corporation" ) , has requested that the <br /> City issue its revenue bonds and loan the proceeds thereof to the <br /> Corporation to provide all or a portion of the funds necessary to <br /> (i) finance, refinance or obtain reimbursement for all or a <br /> portion of the costs of constructing and equipping two <br /> dormitories for use by its students, ( ii) obtain reimbursement <br /> for certain prior capital expenditures made in connection with <br /> the renovation of its administration building, Shilling Hall, <br /> (iii) establish a debt service reserve fund for the Series 1988 <br /> Bonds hereinafter referred to and ( iv) pay certain costs incurred <br /> in connection with the issuance of the Series 1988 Bonds <br /> (collectively, the "Project" ) ; and <br /> WSEREAS, in order to provide such funds, it is <br /> necessary and in the best interest of the City and in furtherance <br /> -2- <br />