ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE Abating the Tax Heretofore Levied to Pay Principal of and Interest on General Obligation Corporate Purpose Bonds, of the City of Peoria, Peoria County, Illinois, 2015 Series B, C, & D, 2016 Series C, 2018 Series A, 2020 Series A & B, and 2021 A, B, and C, and the Partial Abatement of Taxes Levied to Pay Principal and Interest on 2018 Series B General Obligation Bonds in the Amount of $563,013.00; the Partial Abatement of Taxes Levied to Pay Principal and Interest on 2019 General Obligation Bonds in the Amount of $553,250; and the Partial Abatement of Taxes Levied to Pay Principal and Interest on 2022 Series General Obligation Bonds in the Amount of $144,376.00.
Body
BACKGROUND: The attached ordinance directs payment and associated abatement of 2022 property taxes payable in 2023 related to debt service payments in both principal and interest on General Obligation Corporate Purpose Bonds referenced above. The abatement is made in anticipation of revenue sufficient to pay interest and principal on said bonds. The City issued these bonds to fund capital project expenses, Civic Center improvements, the Pere Marquette Hotel project, sewer projects and storm water projects.
The ordinance also directs the partial abatement of property taxes related to the General Obligation Corporate Purpose Bonds 2018 Series B, 2019 Series, and 2022 Series General Obligation Bonds.
The General Obligation Corporate Purpose Bonds 2018 Series B will be levied for the payment of principal and interest to be collected in 2023 in the amount of $148,413; 2019 General Obligation Bonds in the amount of $597,763; and 2022 General Obligation Bonds in the amount of $1,253,824 for a total levy of $2,000,000.00 in accordance with the 2023 Revised Budget.
FINANCIAL IMPACT: Principal and interest will be levied on City of Peoria property tax owner's tax bill relat...
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