81-131 AUTHORIZING THE FINANCING OF AN ECONOMIC DEVELOPMENT PROJECT & ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS (MUELLER CO. PROJECT)

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, ; , . ��p�j�MED ORDINANCE N0. 81-131 AN ORDINANCE AUTHORIZING THE FINANCING OF AN ECONOMIC DEVELOPMENT PROJECT CONSTITUTING AN "ECONOMIC DEVELOPMENT PROJECT" WITHIN THE MEANING OF ORDINANCE N0. 5768 OF THE CITY OF DECATUR, MACOPI COUNTY, ILLINOIS, AS SUPPLEMENTED AND AMENDED BY ORDINANCE N0. 7056 AND ORDINANCE N0. 79-70; AUTHORIZING THE ISSUANCE OF $4, 700 , 000 INDUSTRIAL DEVELOPMENT REVENUE BONDS (MUELLER C0. PROJECT) IN CONNECTION THEREWITH; AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN AGREEMENT BY AND BETWEEN THE CITY OF DECATUR, MACON COUNTY, ILLINOIS, AND MUELLER CO. , PROVIDING FOR THE MAKING OF A LOAN TO MUELLER C0. FROM THE PROCEEDS OF SAID BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE OF TRUST FROM THE CITY OF DECATUR, MACON COUNTY, ILLINOIS, TO THE FIRST NATIONAL BANK OF CHICAGO, AS TRUSTEE; AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS; AND RELATED MATTERS. WHEREAS, pursuant to Ordinance No. 5768, duly adopted by the City Council of the City of Decatur, Macon Caunty, Illinois (the "City" or the "Issuer" ) , on February 5, 1973, as supplemented and amended by Ordinance No. 7056, duly adopted by the City Council of the Issuer on December 22, 1975, and Ordinance No. 79-7� , duly adopted by the City Council of the Issuer on May 21, 1979 (the "Enabling Ordinance" ) , the Issuer is authorized to issue its revenue bonds for the purpose of financing, in whole or in part, the costs of any "economic development pro�ect" , as defined in the Enabling Ordinance; and WHEREAS, as a result of negotiations between the Issuer and Mueller Co. , an Illinois corporation (the "Company" ) , and in reliance on a Memorandum of Agreement approved by the City Council of the Issuer on October 19, 1981, and duly executed, the Company has entered into contracts for the acquisition, installation and -2-