TO: Mayor and City Council
FROM: Kevin Sing, Director of Finance
SUBJECT:
title
Ordinance Abating the Taxes Heretofore Levied for the Year 2024 to Pay Debt Service on $3,665,000 General Obligation Bonds, Series 2020A and $93,595,000 General Obligation Bonds Series 2022 of the City of Joliet, Will and Kendall Counties, Illinois
end
BACKGROUND:
The City issued general obligation debt for Vehicle Replacements(2020A) and Rock Run Crossing TIF (2022). When general obligation debt is issued, a property tax levy is assessed within the City. Since the City uses our local motor fuel tax for the vehicle replacements and the first three years payments are capitalized for Rock Run, this ordinance is necessary to remove the levies for 2024 paid in 2025.
This item was recommended for approval by the Finance Committee on December 17, 2024.
CONCLUSION:
The City has sufficient funds to make these bond payments from sources other than property taxes. Adoption of this ordinance is recommended to avoid the payments being made by an additional charge of property tax bills.
RECOMMENDATION:
recommendation
It is recommended that this Ordinance be adopted.
end