ACTION REQUESTED:
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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 2018B, in an Aggregate Amount Not to Exceed $10,000,000.00, of the City of Peoria, Peoria County, Illinois, to Provide for Certain Capital Improvements Within Said City, and Providing the Levy of a Direct Annual Tax Sufficient to Pay the Principal of and Interest on Said Bonds to the Purchaser Thereof.
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BACKGROUND: the adopted 2018 - 2019 Biennial Budget included $9,500,000 in General Obligation Bond Proceeds. $1,500,000 in bonds were included in the Library Fund budget for HVAC replacement the main library and the Lakeview Branch; $2,000,000 in bonds were included in the Capital Fund budget for sidewalk, curb, gutter and infrastructure improvements; $3,000,000 in bonds were included in the Sewer Fund for sanitary sewer improvements and $3,000,000 in bonds were included in the Stormwater Utility Fund for stormwater and drainage improvements.
The attached ordinance provides for the issuance of General Obligation Bonds in an aggregate amount not to exceed $10,000,000. The future debt service for these bonds will be from property taxes (library portion), capital fund revenues, sanitary sewer fund revenues and stormwater utility revenues.
This ordinance authorizes the Designated Officials (Mayor, City Clerk, Treasurer, City Manager and Finance Director/Comptroller) to sell bonds without any further authorization or direction from the City Council.
FINANCIAL IMPACT: The City will issue $10,000,000.00 in General Obligation Bonds that will be repaid in future years through various funding sources, to include property taxes, utility taxes, sewer fees and stormwater utility fees.
NEIGHBORHOOD CONCERNS: None
IMPACT IF APPROVED: Bonds will be sold and the City will proceed with capital projects including HVAC replacement at the Library, sidewalks, curbs, gutters, sa...
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