TO: Finance Committee
FROM: Kevin Sing, Director of Finance
SUBJECT:
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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 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 2020A bond and Rock Run Crossing TIF revenue for the 2022 bond, this ordinance is necessary to remove the levies for 2024 paid in 2025.
CONCLUSION:
The City has sufficient funds to make these bond payments from sources other than property taxes. Adoption of this ordinance required to remove the tax associated with these payments.
RECOMMENDATION:
recommendation
It is recommended that this Ordinance be forwarded to City Council for approval at the January 7, 2025 meeting.
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