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• . , <br /> M1CRa��� <br /> ORDINANCE N0. 85-97 <br /> ORDINANCE AUTHORIZING THE CITY OF DECATUR, ILLINOIS TO <br /> ISSUE ITS $3, 170, 000 PRINCIPAL AMOUNT ECONOMIC DEVELOPMENT <br /> REVENUE BONDS, SERIES OF 1985 (THE LINCOLN SQUARE PROJECT) , <br /> DATED DECEMBER 1, 1985 FOR THE PURPOSE OF PROVIDING EUNDS TO <br /> FINANCE THE COST OF ACQUIRING AND RENOVATING BUILDINGS IN <br /> THE SOUTHWEST QUADRANT OF LINCOLN SQUARE FOR THE PURPOSE OF <br /> COMMERCIAL OFE'ICE AND RETAIL FACILITIES; AUTHORIZING THE <br /> CITY OF DECATUR TO ENTER INTO AN INDENTURE OF TRUST IN FAVOR <br /> OF CITIZENS NATIONAL BANK OE DECATUR, DECATUR, ILLINOIS AS <br /> TRUSTEE; AND AUTHORIZING THE CITY OF DECATUR TO ENTER INTO A <br /> LOAN AGREEMENT PURSUANT TO WHICH THE CITY OF DECATUR WILL <br /> LOAN THE PROCEEDS OF THE SALE OF SAID BONDS TO AMBASSADOR <br /> PLAZA, A MISSOURI LIMITED PARTNERSHIP. <br /> WHEREAS, the City of Decatur (the "City" ) is a home rule <br /> unit within the meaning of Article 7, Section 6(a) , of the <br /> Illinois Constitution of 1970 and is empowered under said Consti- <br /> tution and Ordinance No. 5768 passed by the Council of the City <br /> on February 5, 1973, as amended (the "Enabling Ordinance" ) and <br /> this transactional ordinance (together the "Act" ) to issue its <br /> economic development revenue bonds to finance in whole or in part <br /> the cost of "projects" as therein described and defined; and <br /> WHEREAS, the City is authorized under the Act to issue eco- <br /> nomic development revenue bonds for the purpose of paying or <br /> financing the cost of acquiring, constructing, extending and <br /> improving projects (as defined in the Act) including the real <br /> property, a building or buildings and any required fixtures, <br /> machinery and equipment and to loan the proceeds of such revenue <br /> bonds to private firms; and <br /> WHEREAS, the Council of the City of Decatur has heretofore <br /> and does now find and determine that it is desirable for the im- <br /> provement of the economic welfare of the City of Decatur, Illi- <br /> nois, and its people that the City issue its Economic Development <br /> Revenue Bonds, Series of 1985 (The Lincoln Square Project) , dated <br /> December 1, 1985, in the principal amount of $3 , 170, 000 (the <br /> "Bonds" ) , for the purpose of providing funds to finance the cost <br /> of acquiring and renovating on certain real property, described <br /> generalZy as the Southwest quadrant of Lincoln Square, certain <br /> buildings, improvements, fixtures, machinery and equipment (the <br /> "Project" ) , and that the City loan the proceeds of the sale of <br /> the Bonds to Ambassador Plaza, a i�+iissouri limited partnership <br /> (the "Company" ) to be applied to such purpose; and <br /> WHEREAS, in connection with the issuance of the Bonds and <br /> the loan of the proceeds thereof to the Company, the Council of <br /> the City of Decatur further finds and determines that it is nec- <br /> essary and desirable that the City be authori2ed to enter into an <br />