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86-35 PROVIDING FOR THE LEVY AND COLLECTION OF A DIRECT ANNUAL TAX SUFFICIENT TO PAY THE ANNUAL RENT
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86-35 PROVIDING FOR THE LEVY AND COLLECTION OF A DIRECT ANNUAL TAX SUFFICIENT TO PAY THE ANNUAL RENT
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Last modified
8/29/2016 10:02:21 AM
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8/29/2016 10:02:19 AM
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Resolution/Ordinance
Res Ord Num
86-35
Res Ord Title
PROVIDING FOR THE LEVY AND COLLECTION OF A DIRECT ANNUAL TAX SUFFICIENT TO PAY THE ANNUAL RENT PAYABLE UNDER A LEASE ENTERED INTO AMONG THE DECATUR PUBLIC BUILDING COMMISSION, THE COUNTY OF MACON, AND THE CITY OF DECATUR...
Approved Date
5/12/1986
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t , � <br /> bond or bonds to be conditioned upon the <br /> performance of said contract or contracts and <br /> the payment of all subcontractors and all <br /> materialmen, and all as may be provided for <br /> by the Bond Resolution. <br /> 5. The Commission shall require and <br /> procure from all contractors, undertaking the <br /> construction of any part of the Project, <br /> sworn statements in compliance with the Mech- <br /> anics ' Lien Law of Illinois, together with <br /> waivers of all liens or rights of lien for <br /> labor and materials furnished by it or them <br /> in the construction of the Project, and shall <br /> further procure from the said contractor or <br /> contractors all material and equipment guar- <br /> antees as may be required by the plans and <br /> specifications for the Project. <br /> 6 . If the amount of the Bond proceeds <br /> � set aside and made available under the terms <br /> of the Bond Resolution for the payment of the <br /> cost of the Project should be in excess of <br /> the cost of the Project, the Commission will <br /> deposit such excess in the Bond and Interest <br /> Account as provided by the Bond Resolution. <br /> 7 . If the Commission by resolution <br /> determines that sufficient funds are not and <br /> will not be available to complete the Pro- <br /> ject, or any part thereof, and that in order <br /> to provide additional funds for such purpose <br /> it will be necessary to issue Parity Bonds <br /> and the City or the County refuse or fail to <br /> enter into a supplemental lease providing for <br /> the increase of the annual rental payments <br /> provided for herein by an amount sufficient <br /> to amortize the principal and interest re- <br /> quirements of the Parity Bonds, then the <br /> Commission shall cause the Project to be <br /> completed with such modifications and eli- <br /> minations as may be required by such lack of <br /> funds, provided, however , that the terms and <br /> conditions of this Lease, including � the <br /> annual rental payments hereunder shall remain <br /> in full force and effect and without any <br /> diminution thereof; provided, further , that <br /> in the event the Commission may determine <br /> that there is such a deficiency in funds, the <br /> City or the County may, within thirty ( 30) <br /> days of the determination of such deficiency, <br /> pay to the Commission the amount of such <br /> -5- <br />
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