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$8,000,000; and
<br /> WHEREAS the City does not have funds available for the
<br /> purpose o� constructing said improvements, and it will be necessary
<br /> for the City to borrow the sum of $8,000,000 and in evidence thereof
<br /> issue bonds therefor; and
<br /> WHEREAS pursuant to the provisions of Division 129 of
<br /> Article 11 of the Illinois Municipal Code of 1961, as amended, said
<br /> City is authorized to issue water revenue bonds for the purpose of
<br /> payin� the cost o� constructin� said improvements� and
<br /> TntHEREAS pursuant to the provisions of ordinances adopted
<br /> by the Council of said City of Decatur on March 9, �95o and on June 2,
<br /> 1955 authorizing the issuance of the presently outstanding Water
<br /> Revenue Bonds of said City in the a��regate principal amount of
<br /> $1,155,000, such outstanding Water Revenue Bonds being further
<br /> deacribed as follows :
<br /> $695,000 Water Revenue Bonds, Series of 1950,
<br /> dated March l, 1950, authorized by Ordinance
<br /> No. 1 55, adopted March 9, 1950, bearin in-
<br /> terest at the rate of three per cent (3�) per -
<br /> annum, being numbered 1381 to 2075, inclusive,
<br /> of the denomination of $1,000 each, due seri-
<br /> ally $90,000 on September 1 of each of the
<br /> years 1972 to l9?8, inclusive, and $65,000 on
<br /> September 1, �979, all being sub�ect to re-
<br /> demption prior to their maturity, in the in-
<br /> verse order of their number, on any interest
<br /> payment date on or after September l, 1g59
<br /> (being all the bonds now outstanding of a
<br /> total authorized issue of $2,075,000) 9 and �
<br /> $�60,000 Water Revenue Bonds, Series of 1955, '
<br /> dated June l, 1955, authorized by Ordinance
<br /> No. 257�-, adopted on June 2, 1955, bearin
<br /> interest at the rate of three per cent (3�)
<br /> per annum, being numbered 25�1 to 3000, in-
<br /> clusive, of the denomination of $1,000 each,
<br /> due serially $155,000 on September 1 of each
<br /> of the years 19?2 and 1973 and $150,000 on
<br /> September 1, 197�F (bein� all the bonds now
<br /> outstandin of a total authorized issue of
<br /> $3,000,000�.
<br /> any additional bonds to share ratably and equally in the revenuest�o
<br /> be derived from the operation of the waterworks system of said City
<br /> s:�a.11 not be issued unless the revenues for the fiscal year then
<br /> next preceding were sufficient to pay all costs of operation and
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