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Peoria council approves resolution to pursue up to $95M in general obligation bonds

3154571 · April 30, 2025

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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 issued under voter-authorized questions from prior elections (2005 and 2008) covering water/wastewater/drainage, streets/bridges/traffic and public-safety facilities.

Bridal said debt service will be paid from property-tax payments and emphasized the city plans to maintain its long-standing combined tax rate (primary + secondary) of $1.44 per $100 of assessed value. He said the city has managed prior bond sales to keep that rate steady for roughly 15 years and does not plan to raise the rate as part of this issuance. Bridal also noted that Fitch and Moody’s recently affirmed Peoria’s AAA rating on general obligation bonds, enabling favorable borrowing rates.

Projects listed for financing included segments of Lake Pleasant Parkway, a municipal multipurpose/police building, and the 60th Avenue regional drainage project; staff said the capital-improvement program for FY26 is approximately $572 million and about 27% of that is anticipated to be funded with GO bonds. Bridal said the city plans to price the offering on April 29 and close in mid-May, though market volatility could change the schedule.

The council voted unanimously to approve resolution 2025-49 authorizing the bond sale. Public commenters raised questions about timing, disclosure and long-term property-tax impacts; staff said the 24-hour public-notice timing met state law and that the bonds are planned within the existing property-tax framework.