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 2009 Series A, 2010 Series D, 2011 Series A & B, 2012 Series A, B, & C, 2013 Series A & C, 2014 Series B & C, 2015 Series C & D, and 2016 Series A ,B & C and the PARTIAL ABATEMENT of TAXES LEVIED to Pay Principal and Interest on 2010 Series C General Obligation Bonds in the Amount of $936,492.00; the PARTIAL ABATEMENT of TAXES LEVIED to Pay Principal and Interest on 2014 Series A General Obligation Bonds in the Amount of $451,100; the PARTIAL ABATEMENT of TAXES LEVIED to Pay Principal and Interest on 2015 Series A General Obligation Bonds in the Amount of $1,694,038.00 and the PARTIAL ABATEMENT of TAXES LEVIED to Pay Principal and Interest on 2015 Series B General Obligation Bonds in the Amount of $1,058,718.00.
Body
BACKGROUND: The attached ordinance directs payment and associated abatement of 2017 property taxes, payable 2018 related to debt service payments in both principal and interest on the 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, Riverfront Development improvements, Civic Center improvements, Pere Marquette Hotel project and sewer improvements.
The ordinance also directs the partial abatement of property taxes related to the General Obligation Corporate Bonds 2010 Series C, 2014 Series A, 2015 Series A & B.
The General Obligation Corporate Purpose Bonds 2010 Series A will be levied for the payment of principal and interest to be collected in 2018 in the amount of $265,715, 2010 Series C bonds will levied in the amount of $279,731, 2014 Series A bonds will be levied in the amount ...
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