6048 ESTABLISHING PROCEDURES TO BE FOLLOWED IN INCURRING INDEBTEDNESS FOR CORPORATE PURPOSES, ISSUING BONDS TO EVIDENCE SUCH INDEBTEDNESS AND AUTHORIZING AND DIRECTING THE LEVYING OF TAXES

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� ti � R � � , l . _ �,��;��','t,,y��'L�� � � ORDINANCE NO. /� AN ORDINANCfi ESTABLIS�iING PROCEDURES TO BE FOLi.OWED IN IIdCURRING INDEBTfiDNESS FOR COR- PORATE PURPOSES, ISSUING BONDS Z�O EVIDENCE SUCH INDBBTEDNESS AND AUTHORIZING AND DIRECT- ING TI-� LEVYING OF TA}�S, WITHOUT LIMIT AS TO RATE OR AMOUNT, FOR THE PURFOSE OF PAYING PRINCIPAL AND INTERfiST ON SUCH BOI�DS AS TI� � SANII's BECOME I7UE. WHEREAS, Section 6(a) of Article VII of the 1970 Constitu- n tion of Illinois provides that any municipality which has a popu- lation of more than 25,000 (is) a Home Rule Unit. " The City of Decatur, Macon County, Illinois, with a population in excess of 25,000 is therefore a Home Rule Unit and may, under the power granted by dl, Section 6(a) of Article VII exercise any power and perform any func- I tion pertaining to its government and affairs including, but not limit- ed to, the pow�er to tax and to incur debt; and, WHEREAS, Sections 6(d) and 6(k) of Article VII of the 1970 Con- ! stitution of Illinois grant canstitutional authority for the City of I Decatur to incur debt payable from ad valorem property tax receipts maturing within 40 years from the time it is incurred and without prior referendum approval; and, WHEREASi the establishment of basic procedures for incurring muni- cipal debt and issuing bonds payable from ad valorem property tax re- ceipts is both necessary and desirable to provide clarity in law and direction for subsequent action. NOW, THEREFORE� Bfi IT ORDAINED BY THE COUNCIL OF THE CITY OF DECATUR� MACON COitJNTY� ILZ.II�OIS, AS FOI.Z.OWS: Section I. The City of Decatur, Macon Oounty, Illinois, acting by its Council, may, from time to ti.me, borrow money for proper public purposes and in evidence of such borrowing, issue its full faith and cre dit bonds, also known as general obligation bonds, payable frc�m ad valorem taxes to �be levied without limitation as to rate or amount, against all taxable property situated within the City. Such bonds may be issued without the submission of the question of their issuance to the electors of the City for their approval and the procedures for the issuance of such bonds shall be substantially as herein provided.