Peoria is considering what to put into a potential bond request for the 2022 general election.
General obligation bonds are the largest source of funding for the City’s Capital Improvement Project budget, making up 28%. Peoria’s 10-year CIP is fully funded at $835M.
Items under consideration include street improvements, park and facilities upgrades and expansions to public safety.
City officials have pointed out a newly enacted state law allows towns and cities to repurpose existing bond authority, using funds for projects in earlier bonds to fund new projects if necessary. As a result, staff is asking the City Council to repurpose existing bond authority.
In the last two decades, Peoria has pursued and received voter approval for three bond measures. The City currently has $320M in street bond authority it has yet to use, which it can now shift to other project categories. The upcoming potential bond election would keep $120M for future street bonds and repurpose $200M for parks and public safety. It could be as long as 10 years before the City needs to go to voters for new authorizations.
City officials say parks projects will run out of bond authority in the next year, and public safety has approximately eight years left. Public safety and operating facilities have $63M in authority left.
In the next five to six months, watchers expect Mayor Cathy Carlat to empanel an ad hoc citizen advisory committee to develop projects that will be funded by the potential upcoming bond. The committee will solicit public input before the June deadline to place measures on the November ballot. (Source)