82-67 AUTHORIZING THE CITY TO ISSUE ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 1982 (J.G.W. DEVELOPMENT CO.)

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� 4�' '�� fC 'f'O,e�, l,�� ORDINANCE NO. 82-67 ORDINANCE AUTHORIZING THE CITY OF DECATUR, ILLINOIS TO ISSUE ITS $2, 600, 000 PRINCIPAL AMOUNT ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES OF 1982 (THE AMBASSADOR MOTOR INN PROJECT) , DATED JULY 1, 1982 FOR THE PURPOSE OF PROVIDING - FUNDS TO FINANCE THE COST OF ACOUIRING AND RENOVATING A HOTEL; AUTHORIZING THE CITY OF DECATUR TO ENTER INTO AN INDENTURE OF TRUST IN FAVOR OF THE FIRST NATIONAL BANK OF DECATUR, DECATUR, ILLINOIS AS TRUSTEE; AND AUTHORIZING THE CITY OF DECATUR TO ENTER INTO A LOAN AGREEMENT PURSUANT TO WHICH THE CITY OF DECATUR WILL LOAN THE PROCEEDS OF THE SALE OF SAID BONDS TO J.G.W. DEVELOPMENT CO. , AN ILLINOIS COR- � PORATION. WHEREAS, the City of Decatur (the "City" ) is a home rule unit within the meaning of Article 7, Section 6(a) , of the Illinois Constitution of 1970 and is empowered under said Consti- tution and Ordinance No. 5768 passed by the Council of the City on February 5, 1973, as amended (the "Enabling Ordinance" ) and this transactional ordinance (together the "Act" ) to issue its � economic development revenue bonds to finance in whole or in part the cost of "projects" as therein described and defined; and WHEREAS, the City is authorized under the Act to issue economic development revenue bonds for the purpose of paying or financing the cost of acquiring, constructing, extending and improving projects (as defined in the Act) including the real property, a building or buildings and any required fixtures, , machinery and equipment and to loan the proceeds of such revenue ', bonds to private firms; an$ I� WHEREAS, the Council of the City of Decatur has heretofore I� and does now find and determine that it is desirable for the im- � provement of the economic welfare of the City of Decatur, Illi- nois, and its people that the City issue its Economic Development Revenue Bonds, Series of 1982 (The Ambassador Motor Inn Project) , � dated July 1, 1982, in the principal amount of $2, 600, 000 (the II "Bonds" ) , for the purpose of providing funds to finance the cost of acquiring and renovating on certain real property owned by the Company a building, improvements, fixtures, machinery and equipment (the "Project" ) , and that the City loan the proceeds of the sale of the Bonds to J.G.W. Development Co. , an Illinois corporation (the "Company" ) to be applied to such purpose; and WHEREAS, in connection with the issuance of the Bonds and the loan of the proceeds thereof to the Company, the Council of the City of Decatur further finds and determines that it is necessary and desirable that the City be authorized to enter into an Indenture of Trust, dated as of July 1, 1982 (the "Trust