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' `,- <br /> / <br /> , .._ ' �;o5127b <br /> � . <br /> � ' : . MICROFlI� <br /> ORDINANCE N0. 7081 <br /> AN ORDINANCE AUTHORIZING THE FINANCING OF AN <br /> ECONOMIC DEVELOPMENT PROJECT WITHIN THE MEANING <br /> OF ORDINANCE N0. 5768, AS AMENDED BY ORDINANCE <br /> N0. 7056 IN ORDER TO ENCOURAGE THE ECONOMIC <br /> DEVELOPMENT OF THE CITY OF DECATUR, ILLINOIS; <br /> AUTHORIZIPIG THE ISSUANCE OF AN INDUSTRIAL REVENUE <br /> BOND (INDUSTRIAL BIO-TEST PROJECT) IN CONNECTION <br /> THEREWITH; AUTHORIZING THE EXECUTION AND DELIVERY <br /> OF A LOAN AND SECURITY AGREEMENT BETWEEN THE CITY <br /> OF DECATUR, ILLINOIS AND INDliSTRIAL BIO-TEST <br /> ` LABORATORIES, INC. ; AND AUTHORIZING THE EXECUTION <br /> OF A BOND PURCHASE AGREEMENT PROVIDING FOR THE SALE <br /> OF SAID BOND TO THE PURCHASER THEREOF, AND RELATED <br /> MATTERS . <br /> G7HEREAS, the City of Decatur, I1linois (the ''Issuer") in <br /> exercise of' the home rule powers granted by the 1970 Constitution of <br /> the State of Illinais, has adopted Ordinance No. 5768, as amended by <br /> Ordinance No. 7056 (the "Enataling Ordinance" ) , pursuant to which the <br /> Issuer is authorized to issue its revenue bonds for the purpose of <br /> financing, in whole or in part, the costs of any "economic develop- <br />, ment pro�ject", as defined in subsection (1) of Section 1 of the <br /> Enabling Ordinance for the p>>.rpose of relieving conditions of <br /> unemployment encouraging the increase of industry within the Issuer; <br /> and <br /> WHEREAS, as a result of negot;iations between the Issuer and <br /> Industrial Bio-Test Laboratories, Inc . (hereinafter sometimes referred <br /> to as the "Company" ) , a Delaware corporation authorized to do business <br /> as a foreign corporation in the State of Illinois, and in reliance <br /> upon a resolution duly adopted by the City Council of the Issuer on <br /> December 22, 1975 and a Memorandum of Agreement , dated as of <br /> December 22, 1975, between the Issuer and the Company, the Cornpany <br /> has entered into contracts for the construction of an industrial <br /> building, and installation therein of' equipment, machinery and <br /> improve�nents, all in the City of Decatur, Illinois (the "Project" ) <br /> and constituting an economic development project within the meaning <br />