2008-02 PROVIDING FOR THE ISSUANCE OF TAXABLE GENERAL OBLIGATION LINE OF CREDIT NOTE

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- 4 � .w I ` ORDINANCE NUMBER 2008-02 ', AN ORDINANCE providing far the issuance of not t exceed a II $1,400,000 Taxable General Obligation Line of Credit Note (Olde ', Towne Redevelopment Project), Series 2008A, of e City of , Decatur, Macon County, Illinois, to pay the costs of demolition ' within the 300 Block of North Water and providing for he security , for and payment of said note. I WHEREAS the City of Decatur, Macon County, Illinois (the " ity"), is a duly organized !, municipality under the laws of the State of Illinois, operating ge erally under the Illinois �', Municipal Code, as amended; has a population in excess of 25,000 as determined by the last I, official census; and pursuant to the provisions of Section 6 of Article VII of the Constitution of , the State of Illinois, the City is a home rule unit and may exercise ny power or perform any I function pertaining to its government and affairs, including, but not 1'mited to, the power to tax and to incur debt (the Illinois Municipal Code as supplemente and, where in conflict, superseded by said constitutional powers being the "Act"); and WHEREAS pursuant to the provisions of the Act, the City ha the power to incur debt payable from ad valorem property tax receipts or from any other la ful source and maturing within 40 years from the time it is incurred without prior referendum a proval; and W�REAS the Council of the City (the "Council") ha heretofore approved a redevelopment plan (the "Plan") and project, the designation of a pr 'ect area and the adoption of tax increment allocation financing for that portion of the City now nown as the Olde Towne Redevelopment Area (the "Area"), all pursuant to the Tax Increment llocation Redevelopment Act, as amended (the "TIF Act"); and WHEREAS the City has considered the needs of the City d its residents, and has determined and does hereby determine that it is desirable and in the est interests that the Area be redeveloped and that the City assist in the redevelopment ther of by financing projects,