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Generally the city issues general obligation(GO) bonds whenever it issues bonded debt, regardless of whether the debt is for <br /> general government, for the city's utility capital, or other special purposes, because GO bonds always have the lowest interest <br /> rates applied to them. But under the law, GO bonds are automatically extended to the annual tax levy unless the City Council <br /> specifically abates them(removing them from the tax levy) because they have identified alternative revenue streams to pay the <br /> debt service. This is why the City Council has to approve such a long list of abatement ordinances every December. The <br /> abatement ordinances are included under the consent agenda. <br /> POTENTIAL OBJECTIONS: There are no known objections. <br /> INPUT FROM OTHER SOURCES: None <br /> STAFF REFERENCE: Scot Wrighton,City Manager Ruby F. James,City Treasurer&Chief Financial Officer Shaunna <br /> Tonelli,Intern <br /> BUDGET/TIME IMPLICATIONS: <br /> Upon adoption of the City property tax levy and tax abatement ordinance(s), the City Clerk will file a certified copy of all <br /> ordinances with the Macon County Clerk. The tax levy must be filed no later than the last Tuesday in December. <br /> ATTACHMENTS: <br /> Description Type <br /> An Ordinance Levying Property Taxes for the City of <br /> Decatur,Illinois for the Purpose of Raising Revenue to <br /> Meet Certain Necessary Expenses of the City for the Ordinance <br /> Fiscal Year Beginning January 1,2024,and Ending <br /> December 31,2024 <br />