TO: Mayor and City Council
FROM: Kevin Sing, Director of Finance
SUBJECT:
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Ordinance Abating the Taxes Heretofore Levied for the Year 2026 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 (2020A) and project revenues generated within the Rock Run Collection for the 2022 Bond, this ordinance is necessary to remove the levies for 2026 paid in 2027.
CONCLUSION:
Adoption of this ordinance will avoid an increase in property tax bills for bond payments.
RECOMMENDATION:
recommendation
It is recommended that the Mayor and City Council approve the Ordinance Abating the Taxes Heretofore Levied for the Year 2026 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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