TO: Finance Committee
FROM: Kevin Sing, Director of Finance
SUBJECT:
title
Ordinance of the City of Joliet, Illinois, Providing for the Redemption of a Portion of the City’s General Obligation Bonds, Series 2020B and the Abatement of a Portion of the Taxes Levied for the Payment thereof
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BACKGROUND:
The City of Joliet issued General Obligation Bonds to provide funding for a remodel project at the Library. The Library was awarded a grant for the project, but did not have the cash flow to fund the project and wait for the grant reimbursements. In January 2024, the City redeemed $5,065,000 in bonds and this ordinance will redeem the remaining amount of bonds outstanding.
This ordinance authorizes the Finance Director to call the outstanding balance of the 2020B bonds prior to maturity and reduce the General Obligation tax levy associated with these Bonds.
RECOMMENDATION:
recommendation
It is recommended that forward this ordinance to City Council and recommend its approval
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