File #: 19-043    Version: 1 Name: Tax Levy Abatement For 2012 C
Type: Ordinance Status: Adopted
File created: 2/6/2019 In control: City Council
On agenda: 2/12/2019 Final action: 2/12/2019
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.
Indexes: Goal 1 - Financially Sound City , Have an efficient government., Keep taxes and fees competitive
Attachments: 1. ORD NO 17,655 (Item No. 19-043), 2. ORD-Abating Taxes Levied to Pay Principal and Interest on Series 2012 C G.O. Bonds

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.

 

Body

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