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 PURPOSE BONDS, of the City of Peoria, Peoria County, Illinois, 2007 Series A and 2022 Series A.
Body
BACKGROUND: The attached ordinance directs payment and associated abatement of 2022 property taxes payable in 2023 related to debt service payments in both principal and interest on General Obligation Corporate Purpose Bonds referenced above. The abatement is made in anticipation of revenue sufficient to pay interest and principal on said bonds. The City issued these bonds to fund capital project expenses.
FINANCIAL IMPACT: Property taxes will be levied based on the approved 2023 Revised Budget.
NEIGHBORHOOD CONCERNS: n/a
IMPACT IF APPROVED: Property taxes will be levied based on the approved 2023 Revised Budget.
IMPACT IF DENIED: Property taxes will be levied on taxable property within the City to meet principal and interest payments for 2023 and would 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