ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE Abating the Taxes Heretofore Levied to Pay Principal of and Interest on the GENERAL OBLIGATION BONDS, of the City of Peoria, Peoria County, Illinois Series 2019.
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BACKGROUND: The attached ordinance directs the abatement of 2019 property taxes to be collected in 2020 related to the debt service payments in both principal and interest on the General Obligation Bonds, Series 2019. The City issued these bonds to refund the 2010 C General Obligation bonds and to fund capital project expenses.
FINANCIAL IMPACT: The principal and interest payments due for 2020 will not be levied on City of Peoria property owner’s tax bill relating to the General Obligation Bonds, Series 2019.
NEIGHBORHOOD CONCERNS: None
IMPACT IF APPROVED: : Abatement of property taxes levied on property within the City to meet principal and interest payments for 2020 for the General Obligation Bonds, Series 2019.
IMPACT IF DENIED: Principal and interest will be levied to meet bond principal and interest payments for 2020 and will be included on the 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 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