ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE Amending Ordinance 17,541 to Remove the ABATEMENT of Taxes Regarding the GENERAL OBLIGATION CORPORATE BONDS SERIES 2016 B of the City of Peoria, Peoria County, Illinois.
Body
BACKGROUND: At the December 12, 2017 Council meeting, the Council approved Ordinance 17,541 which included the abatement of property taxes for the payment of principal and interest on the General Obligation Corporate Bonds Series 2016 B. The General Obligation Corporate Bonds Series 2016 B should not have been included in the abatement ordinance. These bonds are the refunding bonds issued to replace the General Obligation Corporate bonds Series 2008 A for the Library, which were approved by a referendum. The attached ordinance will reinstate the tax levy for the principal and interest payments relating to this bond issue.
FINANCIAL IMPACT: Principal and interest will be levied on the City of Peoria property tax owner’s bill relating to the General Obligation Corporate Bonds Series 2016 B.
NEIGHBORHOOD CONCERNS: The original 2008 A General Obligation Bonds and related projects for the library were approved by referendum.
IMPACT IF APPROVED: Property taxes will be levied to meet bond principal and interest payments for the General Obligation Corporate Bonds Series 2016 B and would be included on the City of Peoria property owner’s tax bill.
IMPACT IF DENIED: Property taxes to meet principal and interest payments will not be levied. As a result, alternative resources to meet these obligations would be needed.
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