By Philip Haldiman
The Peoria City Council approved the sale of general obligation bonds in an amount not to exceed $42 million.
The funds are planned for a number of upcoming projects throughout the city, including projects part of the city’s proposed capital improvement program.
“These are all projects that we have been waiting for and our citizens have been waiting for,” Ms. Carlat said.
General obligation bonds are used by the city to fund large capital projects, such as new infrastructure. They require voter approval and are repaid from property taxes.
CFO Sonia Andrews said projects to be funded by this approval include Paloma community park, Meadows neighborhood park, main library renovations, drainage projects, and the Happy Valley Road widening project, as well as some smaller projects.
She said voters approved bonds in the 2000, 2005 and 2008 elections to issue bonds for these projects.
The authorization will not affect the current property tax rate.
“GEO bonds are a direct obligation of the city,” Ms. Andrews said.
Philip Haldiman can be reached at 623-876-3697 or firstname.lastname@example.org. Follow him on Twitter @philiphaldiman.