TO: Finance Committee
FROM: Kevin Sing, Director of Finance
SUBJECT:
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Ordinance Abating the Taxes Heretofore Levied for the Year 2025 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 of the City of Joliet, Will and Kendall Counties, Illinois
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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 TIF revenues for Rock Run, this ordinance is necessary to remove the levies for 2025 paid in 2026.
CONCLUSION:
The City has sufficient funds to make these bond payments from sources other than property taxes. Adoption of this ordinance will avoid the payments being made by an additional charge of property tax bills.
RECOMMENDATION:
recommendation
It is recommended that this Ordinance be recommended to the Full Council to be adopted.
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