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, in an Aggregate Amount not to Exceed $18,500,000.00, of the City of Peoria, Peoria County, Illinois, for the Purpose of Financing Various Capital Improvements in and for the City and Refunding Certain of the City's Outstanding Bonds, 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 2019 Revised Annual Budget approved bonding in the amount of $5,475,500 for capital projects including sidewalks, land acquisition, Fire Station replacement, building improvements and fleet replacement. The attached parameters ordinance provides for the issuance of bonds to meet these capital needs. The ordinance states that the amount of new borrowing will not exceed $6,000,000.
In addition to the issuance of bonds for 2019 capital projects, the attached ordinance provides for the issuance of bonds to refund bonds issued in 2010. Speer Financial Inc., our financial advisors, has determined that significant savings in debt service will be realized as a result of refinancing the Taxable General Obligation Bonds, Series 2010 C Build America Bonds in an amount not to exceed $12,500,000.
This ordinance authorizes the Designated Officials (Mayor, City Clerk, City Treasurer, City Manager and Finance Director/Comptroller to sell bonds. The authority granted in this Ordinance for the Designated Officials will expire April 29, 2020 without any further direction from the Council to sell bonds based on terms as prescribed in this Ordinance.
The attached Ordinance provides for the issuance of general obligation to be issued in a principal amount not to exceed $18,500,000.
FINANCIAL IMPACT: Capital projects in the amount of $5,475,500 will be completed as budget...
Click here for full text