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. � ♦ ��Y <br /> ♦V <br /> ••1 <br /> �' � G <br /> O <br /> �� �� CITY OF DECATUR • ILLINOIS <br /> �� � #1 CIVIC CENTER PLAZA DECATUR, ILUNOIS 62523 <br /> G`o. <br /> ��e.,.,,..�` <br /> April 7, 1988 <br /> Mr . Ogden Kniffin, Jr . <br /> Northern Trust Company <br /> 50 South LaSalle Street <br /> Chicago , IL 60670 <br /> Dear Sir : <br /> The City of Decatur , Illinois , a home rule unit of local <br /> government since 1971 , is seeking bids from interested parties to <br /> purchase $340 ,000 in full faith and credit General Obligation <br /> Notes . <br /> Proceec?s of the notes will be used by the City to pay for <br /> the cost of data rocessin e ui ment . The issue will consist of <br /> P g Q P <br /> five (S) notes from $60 ,000 to $75 ,000 with one note maturing <br /> each May lst beginning May 1 , 1989 through May l, 1993 . Interest <br /> on the notes will be paid semi-annually on May lst and November <br /> lst of each year beginning November 1 , 1988 . The City of Decatur <br /> will act as its own paying agent and registrar for this small <br /> issue . This is a bank eligible issue as we have issued no other <br /> notes/bonds in calendar 1988 , and will not exceed $10 million <br /> under any circumstances . We believe the interest paid to the <br /> bank would be tax exempt similar to our borrowings in June 1982 <br /> and May 1985 : <br />' The Cit of Decatur currentl is A rated b both Mood ' s <br /> y y y y <br />� and Standard and Poor ' s which was confirmed in June 1986 ; <br /> although this borrowing will be unrated . <br /> Other pertinent facts regarding the sale of these notes are <br /> as follows : <br /> l. Notes will be dated May 1, 1988 <br /> 2 . Bids will be accepted until 3: 00 p.m. , April 29 , 1988 <br /> 3 . The Note Sale will close on Monday, May 2, 1988 in the <br /> City Council Conference Room, 3rd floor of the Decatur <br /> Civic Center <br /> 4 . The note form will be as attached <br /> 5 . Bids should be at a fixed interest rate rather than <br /> variable <br />