Chambana Sun

The city of Urbana Community Development Services has a new ordinance pertaining to loan guaranty support by and between the city and the Urbana Development Group.

Here's the ordinance, as provided by the city:

ORDINANCE NO. 2016-09-093

AN ORDINANCE APPROVING AN AMENDED AND RESTATED AGREEMENT WITH THE

URBANA DEVELOPMENT GROUP FOR LOAN GUARANTY SUPPORT

WHEREAS, on December 15, 2008, the City Council passed Ordinance No. 2008-12-148, approving an agreement with the Urbana Development Group, a notfor-profit community development corporation, for loan guaranty support; and

WHEREAS, on September 8, 2009, the City Council passed Ordinance No. 2009-08-097, amending Ordinance No. 2008-12-148 to authorize the Mayor of the

City of Urbana (“City”) to sign loan guaranty agreements on behalf of the City of Urbana; and

WHEREAS, the City Council finds that the best interests of the City are served by amending and restating the agreement.

NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Urbana, Champaign County, Illinois, as follows:

Section 1.

An Amended and Restated Agreement for Loan Guaranty Support by and Between the City of Urbana, a Municipal Corporation, and the Urbana Development Group, a Not-For-Profit Community Development Corporation, in substantially the form of the copy of said Agreement attached hereto and hereby incorporated by reference, be and the same is hereby authorized and approved.

Section 2.

The Mayor of the City of Urbana, Illinois, be and the same is hereby authorized to execute and deliver and the City Clerk of the City of Urbana, Illinois, be and the same is hereby authorized to attest to said execution of said Agreement as so authorized and approved for and on behalf of the City of Urbana, Illinois.

Section 3.

The Mayor, or her designee, be and hereby is authorized to execute all documents necessary on behalf of the City of Urbana to effectuate the purpose and intent of this Ordinance.

Section 4.

This Ordinance shall not be construed to affect any suit or proceeding pending in any court, or any rights acquired, or a liability incurred, or any cause or causes of action acquired or existing prior to the effective date of this Ordinance; nor shall any right or remedy of any character be lost, impaired, or affected by this Ordinance.

Section 5.

This Ordinance shall be in full force and effect from and after its passage.

This Ordinance is hereby passed by the affirmative vote, the “ayes” and “nays” being called, of a majority of the members of the Council of the City of Urbana, Illinois, at a meeting of said Council.

PASSED BY THE CITY COUNCIL this ____ day of ___________, ________.

AYES:

NAYS:

ABSENT:

ABSTAINED:

___________________________________

Phyllis D. Clark, City Clerk

APPROVED BY THE MAYOR this ____ day of ___________, ________.

___________________________________

Laurel Lunt Prussing, Mayor