80-70 AUTHORIZING ISSUANCE OF NOTES AND PROVIDING FOR PAYMENT THEREOF MASS TRANSIT FUND

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., �. � ,�„ C �,�Qf IY�� ORDINANCE N0. �� ORDINANCE AUTHORIZING ISSUANCE OF NOTES AND PROVIDING FOR PAYMENT 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 Directc,r of Finance within the following limitations: (a) any such note shall mature within two years of the date of issuance; and, (b) the aggregated total amount of said notes outstandzng at any one time shall not exceed the sum of $275 ,000 . 00. Section 3. Said notes sha11 be signed on behalf of the City by the City �reasurer, who is hereby authorized and directed so to do, shall be payable to The Citizens National Bank of Decatur, shall be negotiable by endorsement, and shall bear interest at one-half the established prime rate on date of issuance plus 1/4 of one percent, and be in such form as may be approved by the Corporation Counsel. Section 4 . At maturity, each such note and the 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 sha11 be paid from the general revenue of the City. Section 5. The proceeds of said notes shall be used for the oper.ation of the transit system pursuant to appropriations from time to ti.me made for the same and in such manner as not to constitute arbitrage.