ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE Abating the Remaining Taxes Heretofore Levied to Pay Principal of and Interest on the Taxable Variable Rate GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, of the City of Peoria, Peoria County, Illinois 2012 Series C.
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BACKGROUND: The attached ordinance directs abatement of all property taxes related to the debt service payments of both principal and interest on the Taxable Variable Rate General Obligation Capital Improvement Bonds Series 2012 C. The abatement is as a result of the bonds being called with the issuance of the 2016 A Variable Rate General Obligation Bonds; therefore, the 2018 levy and future levies relating to the Taxable Variable Rate General Obligation Capital Improvement Bonds Series 2012 C are not necessary.
FINANCIAL IMPACT: The remaining Principal and interest will not be levied on City of Peoria property tax owner’s bill relating to the Taxable Variable Rate General Obligation Capital Improvement Bonds Series 2012 C.
NEIGHBORHOOD CONCERNS: None
IMPACT IF APPROVED: Abatement of all property taxes levied on taxable property within the City of Peoria to meet principal and interest payments for the Taxable Variable Rate General Obligation Capital Improvement Bonds Series 2012 C.
IMPACT IF DENIED: Property Taxes will be levied to meet bond principal and interest payments for 2019 and would be included on the City of Peoria property owner’s tax bill.
ALTERNATIVES: None.
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Have an efficient government.
2. Keep taxes and fees competitive.
DEPARTMENT: Finance