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7081 AUTHORIZING THE FINANCING OF AN ECONOMIC DEVELOPMENT PROJECT WITHIN THE MEANING OF ORDINANCE NO. 5768 (INDUSTRIAL BIO-TEST PROJECT)
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7081 AUTHORIZING THE FINANCING OF AN ECONOMIC DEVELOPMENT PROJECT WITHIN THE MEANING OF ORDINANCE NO. 5768 (INDUSTRIAL BIO-TEST PROJECT)
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10/7/2016 4:01:41 PM
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10/7/2016 4:01:39 PM
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Resolution/Ordinance
Res Ord Num
7081
Res Ord Title
AUTHORIZING THE FINANCING OF AN ECONOMIC DEVELOPMENT PROJECT WITHIN THE MEANING OF ORDINANCE NO. 5768...IN ORDER TO ENCOURAGE THE ECONOMIC DEVELOPMENT OF THE CITY (INDUSTRIAL BIO-TEST PROJECT)
Approved Date
5/17/1976
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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 />
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