ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE providing for the ISSUANCE of GENERAL OBLIGATION BONDS, Series 2018, in an Aggregate amount Not to Exceed $5,000,000.00, of the City of Peoria, Peoria County, Illinois, to Provide for Certain Capital Improvements within Said City, and Providing for the Levy of a Direct Annual Tax Sufficient to Pay the Principal of and Interest on Said Bonds, and Authorizing the Sale of Said Bonds to the Purchaser Thereof.
Body
BACKGROUND: The adopted 2017 Amended Annual Budget included $4,030,000 in General Obligation Bond Proceeds. $1,330,000 in bonds were included in the Capital Fund budget for sidewalk, curb, gutter and infrastructure improvements and $2,700,000 in bonds were included in the Sewer Fund budget for stormwater and sanitary sewer improvements.
The attached ordinance provides for the issuance of General Obligation Bonds in an aggregate amount not to exceed $5,000,000. The future debt service payments for this bond will be from capital and sewer revenues. It is anticipated that the bonds will be sold and closed in February 2018.
FINANCIAL IMPACT: General Obligation Bonds will be sold in the amount not to exceed $5,000,000. Bonds will be paid back in future years with dedicated revenues from the Sewer Fund and from the Capital Fund.
NEIGHBORHOOD CONCERNS: None related to the bond issuance.
IMPACT IF APPROVED: Bonds will be sold and funds will be available to reimburse the Capital and Sewer Funds for projects completed.
IMPACT IF DENIED: Bonds will not be issued. Anticipated budgeted bond funds will not be available to reimburse the Capital and Sewer Funds. Future projects would have to be delayed as funds have already been expended within the Capital and Sewer Funds.
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL'S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVA...
Click here for full text