82-90 AUTHORIZING ISSUANCE OF NOTES AND PROVIDING FOR PAYMENT THEREOF MASS TRANSIT FUND

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' �'��+�vrll.lyFp ORDINANCE NO . � � — �' U � ORDINANCE AUTHORIZING ISSUANCE OF DTOTES AND PROVIDING FOR PAYNIENT THEREOF MASS TRANSIT FUND BE IT ORDAINED BY THE COUNCIL OF THE CITY OF DECATUR, ILLINOIS : Section 1 . That until the further order of the Council the issuance from time to time of general obligation notes secured by the full faith and credit of the City, the proceeds of which shall be deposited in the Mass Transit Fund, be, and the same is hereby, authorized as herein provided any limitation of statute to the contrary not withstanding. Section 2 . Said notes shall be issued at such times , in such amounts and for such maturities as may be necessary or desirable for the operation of said fund, as may be determined by the Director of Finance within the following limitations : � a) any such note shall mature within two years of the date of is suance; and, b) the aggre�ated total amount of said notes outstanding at any one ti.me shall not exceed the sum of $275 , 000 .00 . Section 3. Said notes shall be signed on behalf of the City by the City Treasurer, who is authorized and directed so to do , shall be negotiable by endorsement, and shall bear interest at such rate as shall be agreed upon between the lender and the Director of Finance on behalf of the City, and be in such form as may be approved by the Corporation Counsel. Section 4. At maturity, each such note and interest thereon shall be paid from the Mass Transit Fund or, if in the discretion of the Director of Finance the balance thereof is then insufficient for such payment, the same shall be paid from the general revenue of the City. Section 5. The proceeds of said notes shall be used for the operation of the transit system pursuant to appropriations from time to time made for the same and in such manner as not to constitute arbitrage. Section 6. That the City Clerk be, and she is hereby, authorized and directed to seal and attest said notes as issued from time to time and to cause this ordinance to be published.