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83-47 AUTHORIZING AND DIRECTING THE EXECUTION OF AN ESCROW AGREEMENT
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83-47 AUTHORIZING AND DIRECTING THE EXECUTION OF AN ESCROW AGREEMENT
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9/14/2016 9:06:51 AM
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Resolution/Ordinance
Res Ord Num
83-47
Res Ord Title
AUTHORIZING AND DIRECTING THE EXECUTION OF AN ESCROW AGREEMENT IN CONNECTION WITH THE ISSUE OF $12,760,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 1983, OF THE CITY OF DECATUR, MACON COUNTY, ILLINOIS
Approved Date
6/20/1983
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. . ' �r�?�'';�r%a`�d L�`��Ed� <br /> � �19.78 as an independent governmental entity under State law. It has no taxing <br /> power or authority to incur debt. Its 9-member Board of Directors is appointed <br /> by the Mayor with the approval of the City Council. The City contributed <br /> approximately $3.1 million towards construction of the Civic Center building. <br /> The City has also entered into various agreements with the Civic Center <br /> Authority, which include obligations for the City to maintain the Civic Center <br /> Authority's annual cash operating revenues at not less than $100,000 and to pay <br /> its cash operating deficits. The City and the Civic Center Authority have <br /> entered into a 99 year lease under which the City occupies space in the Civic <br /> Center building and pays approximately 40Y of utility costs (based on square <br /> footage occupied). The City's construction contribution is treated as prepaid <br /> rent on the 99 year lease. Such Zease is not reflected in the City's financial <br /> statements as a capitalized lease. <br /> THE GOVERNI�IIENT OF DECATUR <br /> The City of Decatur was fncorporated in 1836, and since 1971 has operated <br /> as a home rule unit of local government pursuant to the Illinois Constitution. <br /> . The City operates under the managerial form of government, under which the <br /> elected Mayor and the City Council discharge the legislative function and <br /> establish municipal policy, and an appointed City Manager is responsible for aIl <br /> administrative functions. Citizens participate in City government through <br /> service on approximately 23 appointed boards, committees and commissions. <br /> City Services <br /> The City is responsible for and maintains police, fire, water, streets, <br /> public improvements, planning, zoning and general administrative services within <br /> its City 2imits. Separate and independently elected governmental entities <br /> administer the six school districts which serve the City. The City is not <br /> responsible for the local funding of such federally or state mandated social <br /> service programs as medicare, medicaid or aid to families with dependent , <br /> children. ' <br /> City Officials <br /> The Mayor is elected by general election for a 4 year term. The Mayor's <br /> powers include presiding at City Council meetings and appointing baards and <br /> commissions with the consent of the City Council. The present Mayor is Gary K. <br /> Anderson, who took office in May, 1983. His current term expires in April, <br /> 1987. He currently owns Decatur Title Corporation. <br /> The City Manager is appointed by the City Council for an indefinite term, <br /> and is responsible for the efficient administration of the City government. He <br /> has the power to enforce the laws and ordinances within the municipality, to <br /> appoint and remove directors and assistant directors of the City's eleven <br /> departments and the staff of the City Manager's office, to control and direct <br /> the actions of all departments and divisions of City government to prepare <br /> annual budgets and financial reports of the City, to make recommendations to the <br /> City Council to attend all meetings of the City Council and participate in <br /> discussions but not to vote, and to perform other duties required of him by City <br /> ordinances or Citq Council resolutions. The present City Manager is Leslie T. <br /> Allen. He took the position in September, 1972. Iiis prior experience was as <br /> city manager in 4 different cities over a 23 year period. <br /> The fiscal affairs of the City are the responsibility of the Director of <br /> Finance, who has powers which include audit and control of all financial <br /> activities, debt management, investment of monies, water service billing and <br /> maintenance of official City Clerk's records. He is appointed by the City <br /> 8 <br />
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