ACTION REQUESTED:
Title
Communication From the City Manager and Finance Director/Comptroller with a Request to Approve an ORDINANCE ABATING the Tax Heretofore LEVIED to Pay Principal of and Interest on GENERAL OBLIGATION CORPORATE PURPOSES BONDS, of the City of Peoria, Peoria County, Illinois 1998 Series C, 2005 Series A & B, 2007 Series A, 2009 Series A, 2010 Series A, B, C, & D, 2011 Series A & B, 2012 Series A & B and 2013 Series A & C.
Body
BACKGROUND:
The attached ordinance directs payment and associated abatement of 2013 property taxes, payable 2014 related to debt service payments in both principal and interest on the General Obligation Corporate Purpose Bonds 1998 Series C, 2005 Series A & B, 2007 Series A, 2009 Series A, 2010 Series A, B, C & D, 2011 Series A & B, 2012 Series A & B and Series 2013 A & C. The abatement is made in anticipation of revenues 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, Library expansion, Pere Marquette Hotel project, and sewer improvements.
FINANCIAL IMPACT: N/A
NEIGHBORHOOD CONCERNS: N/A
IMPACT IF APPROVED: Abatement of property taxes levied on taxable property within the City to meet bond principal and interest payments for 2014.
IMPACT IF DENIED: Property taxes levied to meet bond principal and interest payments for 2014 would be included on City of Peoria property owner's tax bill.
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL'S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City Government, Effective City Organization
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Keep taxes and fees competitive.
2. Have an efficient government.
DEPARTMENT: Finance