84-88 PROVIDING FOR THE FINANCING BY THE CITY OF DECATUR OF AN ECONOMIC DEVELOPMENT PROJECT (CONTINENTAL CARBONIC PRODUCTS, INC.)

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��'.� ORDINANCE NO. L — � AN ORDINANCE PROVIDING FOR THE FINANCING BY THE CITY OF DECATUR, ILLINOIS OF AN ECONOMIC DEVELOPMENT PROJECT IN ORDER THAT CONTINENTAL CARBONIC PRODUCTS, INC. MAY BE PROVIDED WITH FACILITIES TO ENCOURAGE DEVELOPMENT OF THE MUNICIPALITY: AUTHORIZING AND PROVIDING FOR THE ISSUANCE BY SAID CITY OF DECATUR, ILLINOIS OF ITS ECONOMIC DEVELOPMENT REVENiJE BOND {CONTINENTAL CARBONIC PRODUCTS, INC. PR.OJECT) WHICH WILL BE PAYABLE SOLELY FROM THE RECEIPTS FROM A LOAN AGREEMENT: AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN AGREEMENT BETWEEN THE CITY OF' DECATUR, ILLINOIS AND CONTIDTENTAL CARBONIC PRODUCTS, INC. , PROVIDING FOR THE FINANCING OF SAID PRO.TECT: AUTHORIZING THE EXECUTION AND DELIVERY OF A MORTGAGE AND SECURITY ACREEMENT, TRUST INDENTURE AS SECURITY FOR THE PAYMENT OF SAID BOND: CONFIRNIING SALE OF SAID BOND TO THE PURCHASER THEREOF: AND RELATED MATTERS. WHEREAS , the City of Decatur, Illinois (the "Issuer") , is authorized and empowered by the provisions of Article VII, Section 6 of the Illinois Constitution and Ordinance No. 5768 entitled "Ordinance Authorizing Acquisition, Construction and Financing of Pollution Control Facilities and Economic Development Projects and The Lease, Sale, and Financing Thereof To or For Any Person, and Providing for the Is�uance of Revenue Bonds , and Establishing Procedures in Respect Thereto" passed by the City Cour_cil of the Issuer on February 5 , 1973 , as from time to time supplemented and amended (the "Enabling Ordinance") , to finance in whole or in part the cost of the acquisition, purchase , construction, reconstruction, improvement, equipping, betterment or extension of anv economic development project in order to encourage development of the municipality and achieve one or more of the public policy purposes set forth in t:�e Enabling Ordinance; and �