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Peoria council approves resolution to pursue up to $95M in general obligation bonds
Summary
Council approved a resolution authorizing staff to sell up to $95 million in voter-approved general obligation bonds (expected issuance about $85M) to fund streets, drainage and public-safety projects; city officials said the sale will not raise the existing tax rate and rating agencies reaffirmed Peoria's AAA status.
Peoria city leaders voted April 22 to authorize staff to proceed with the sale of general obligation bonds not to exceed $95 million to finance capital projects, including major street work, a municipal multipurpose building and regional drainage improvements.
CFO Sean Bridal told council staff expects the sale will be closer to $85 million, but requested approval of a $95 million authorization to provide flexibility during pricing. Bridal said the bonds are being…
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