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 and Interest on the GENERAL OBLIGATION CORPORATE BONDS, of the City of Peoria, Peoria County, Illinois 2018 SERIES A.
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BACKGROUND: The attached ordinance directs the abatement of 2017 property taxes, payable 2018 related to the debt service payments of both principal and interest on the General Obligation Corporate Bonds Series 2018 A. The abatement is made in anticipation if revenue sufficient to pay the principal and interest on said bond. The City issued these bonds for infrastructure improvements, storm water pilot projects and sewer improvements in accordance with the 2017 Amended Annual Budget.
FINANCIAL IMPACT: Principal and interest will not be levied on City of Peoria property tax owner’s tax bill relating to the General Obligation Corporate Bonds Series 2018 A in accordance with the 2018-2019 Biennial Budget.
NEIGHBORHOOD CONCERNS: None
IMPACT IF APPROVED: Abatement of property taxes levied on taxable property within the City of Peoria to meet principal and interest payments for 2018 for the General Obligation Corporate Bonds Series 2018 A.
IMPACT IF DENIED: Property taxes will be levied to meet bond principal and interest payments for 2018 and would be included on the City of Peoria property owner’s tax bill.
ALTERNATIVES: None.
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Have an efficient government.
2. Keep taxes and fees competitive.
DEPARTMENT: Finance