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 PURPOSES BONDS, of the City of Peoria, Peoria County, Illinois 1998 Series C; 2009 Series A; 2010 Series C & D; 2011 Series B; 2012 Series A, B & C; 2013 Series A & C; 2014 Series A, B, C; and 2015 Series A, C, & D.
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BACKGROUND: The attached ordinance directs payment and associated abatement of 2015 property taxes, payable 2016 related to debt service payments in both principal and interest on the General Obligation Corporate Purpose Bonds 1998 Series C; 2009 Series A; 2010 Series C & D; 2011 Series B; 2012 Series A, B & C; 2013 Series A & C; 2014 Series A, B, C; and 2015 Series A, C, & D. 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, Pere Marquette Hotel project, the Louisville Slugger Sports Complex, Holiday Inn project and sewer improvements.
The General Obligation Corporate Purpose Bonds 2010 Series A, 2011 Series A, and 2015 Series B will be levied for the payment of principal and interest to be collected in 2016 in the amount $2,025,625.00.
FINANCIAL IMPACT: Principal and interest levied on referenced bonds will not be levied on City of Peoria property owner's tax bill and principal and interest will be levied on General Obligation Corporate Purpose Bonds 2010 Series A, 2011 Series A, and 2015 Series B in the amount of $2,025,625.00 in accordance with the 2016 - 2017 Biennial Budget.
NEIGHBORHOOD CONCERNS: None
IMPACT IF APPROVED: Abatement of property taxes levied on taxable property within the City to meet bond and interest payments for 2016 referenced above with the exception of the General Obligation Corporate Purpose...
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