79-06 AUTHORIZING THE ISSUANCE OF $15,000,000 SINGLE FAMILY MORTGAGE REVENUE BONDS, 1979 SERIES A

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' . � � � � � ,MICROFiL�IED . ORDINANCE N0. �d � AN ORDINANCE AUTHORIZING THE ISSUANCE OF $15,000,000 SINGLE FAMILY MORTGAGE REVENUE BONDS, 1979 SERIES A FOR THE PURPOSE OF HOME MORTGAGE FINANCING ; AUTHORI- ZING THE EXECUTION, AND DELIVERY OF A SALE AND SERVICE AGREEMENT BETWEEN THE CITY OF DECATUR , MACON COUNTY, ILLINOIS AND THE MILLIKIN NATIOPIAL BANK OF DECATUR ; AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE SECURING SAID BONDS; APPROVING THE OFFICIAL STATEMENT RELATING TO SAID BONDS; AND AUTHORIZING THE EXECUTION OF A PURCHASE CONTRACT PROVIDING FOR THE SALE OF SAID BONDS TO THE PURCHASERS THEREOF AND RELATED MATTERS. WHEREAS, the City of Decatur, Macon County, Illinois (the "City" ) has pursuant to its home rule powers granted under the 1970 Constitution of the State of Illinois duly adopted Ordinance No. 78-137, as amended (the "Act" ) ( 1 ) to provide for and promote the public health, safety and welfare; (2) to relieve conditions of unemployment and encourage the increase of industry and commercial activity and economic development so as to reduce the evils attendant upon unemployment; (3 ) to assist low and moderate income persons in acquiring and owning decent , safe and sanitary housing which they can afford; (�4 ) to promote the integration of families of varying economic means; and (5 ) to preserve and increase the municipality's ad valorem tax base; and WHEREAS, in furtherance of the purposes set forth in the Act the City wishes to provide for the financing of the acquisition of home mortgages (as defined by the Act) by the sale and issuance of its revenue bonds , and authorizing such actions as mi�ht be required to implement such stated intention; and WHEREAS , since the City must have a lending institution to act as originator and servicer of such home mortgages, it entered into negotiations with The Millikin National Bank of Decatur (the "Lending Institution") ; and WHEREAS, the City has determined the amount of the Service Fee and Origination Fee to be eharged and retained by the Lending Institution, as provided below; and WHEREAS, pursuant to and in accordance with the provisions of the Act , the City is now prepared to proceed with financing the acquisition of such home mortgages and to issue and sell not to exceed $15 ,000 ,000 in principal amount of its Single Family Mortgage Revenue Bonds, 1979 Series A (the "Bonds" ) , such Bonds to be secured by the Indenture (hereinafter defined) , and except to the extent payable from Bond proceeds, certain insurance proceeds or moneys from the investment thereof, to be payable solely from the revenues and receipts and other amounts received by the City