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 2010 Series C & D, 2011 Series A & B, 2012 Series A, B & C, 2013 Series A, 2014 Series A & B, 2015 Series B, C & D, 2016 Series C, and 2018 Series A & B and the Partial Abatement of Taxes Levied to Pay Principal and Interest on 2009 Series A General Obligation Bonds in the Amount of $371,625; the Partial Abatement of Taxes Levied to Pay Principal and Interest on 2015 Series A General Obligation Bonds in the amount of $2,014,000.00; and the Partial Abatement of Taxes Levied to Pay Principal and Interest on 2016 Series A General Obligation Bonds in the Amount of $247,665.00.
Body
BACKGROUND: The attached ordinance directs payment and associated abatement of 2018 property taxes, payable 2019 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, 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 2009 Series A, 2015 Series A and 2016 Series A.
The General Obligation Corporate Purpose Bonds 2009 Series A will be levied for the payment of principal and interest to be collected in 2019 in the amount of $396,125; 2010 Series A will be levied in the amount of $262,475; 2015 Series A will be levied in the amount of $519,750 and 2016 Series A bonds will be levied in the amount of $878,085 for a total levy of $2,056,435 in accordance ...
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