ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE ABATING the TAX Hereto LEVIED to Pay Principal and Interest on GENERAL OBLIGATION CORPORATE PURPOSE BONDS of the City of Peoria, Peoria County, Illinois 1998 Series C; 2009 Series A; 2010 Series C & D; 2011 Series B; 2012 Series A, B & C; 2013 Series A & C; 2014 Series A, B & C; 2015 Series A, C & D; and 2016 Series A & C.
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BACKGROUND: The attached ordinance directs payment and associated abatement of 2016 property taxes, payable 2017 related to debt service payments in both principal and interest on the General Obligation Corporate Purpose Bonds 1998 Series C; 2009 Series A; 2010 Series C & D; 2011 Series B; 2012 Series A, B & C; 2013 Series A & C; 2014 Series A, B & C; 2015 Series A, C & D; and 2016 Series A & C. The abatement is made in anticipation of revenues sufficient to pay interest and principal on said bonds. The City issued these bonds to fund capital project expenses, Riverfront Development improvements, Civic Center improvements, Pere Marquette Hotel project and sewer improvements.
The General Obligation Corporate Purpose Bonds 2010 Series A, 2011 Series A , and the 2015 Series B will be levied for the payment of principal and interest to be collected in 2017 in the amount of $2,023,425.00.
FINANCIAL IMPACT: Principal and interest levied on referenced bonds will not be levied on City of Peoria property owner’s tax bill and principal and interest will be levied on General Obligation Corporate Purpose Bonds 2010 Series A, 2011 Series A , and the 2015 Series B in the amount of $2,023,425.00 in accordance with the 2017 Amended Annual Budget.
NEIGHBORHOOD CONCERNS: None
IMPACT IF APPROVED: Abatement of property taxes levied on taxable property within the City to meet bond principal and interest payments for 2017 referenced above with the exception of the General Obligation Corporate Purpose Bonds 2010 Series A, 2011 Series A , and the 2015 Series B in the amount of $2,023,425.00.
IMPACT IF DENIED: Property taxes will be levied to meet bond principal and interest payments for 2017 and would be included on the City of Peoria property owner’s tax bill.
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City Government, Effective City Organization
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