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, 2005 Series B, 2007 Series A, 2009 Series A, 2010 Series A, C & D, 2011 Series A & B, 2012 Series A, B & C, 2013 Series A & C, and 2014 Series A, B & C.
Body
BACKGROUND: The attached ordinance directs payment and associated abatement of 2014 property taxes, payable 2015 related to debt service payments in both principal and interest on the General Obligation Corporate Purpose Bonds 1998 Series C, 2005 Series B, 2007 Series A, 2009 Series A, 2010 Series A, C & D, 2011 Series A & B, 2012 Series A, B & C, 2013 Series A & C, and 2014 Series A, B & 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, Pere Marquette hotel project, and sewer improvements.
FINANCIAL IMPACT: Principal and interest on referenced bonds will not be levied on City of Peoria property owner's tax bill in accordance with the adopted 2015 Revised 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 2015.
IMPACT IF DENIED: Property taxes will be levied to meet bond and principal payments for 2015 and would be included on City of Peoria property owner's property 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...
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