State of Illinois
90th General Assembly
Legislation

   [ Search ]   [ Legislation ]   [ Bill Summary ]
[ Home ]   [ Back ]   [ Bottom ]



90_SB0338

      40 ILCS 5/5-168           from Ch. 108 1/2, par. 5-168
          Amends the Chicago Police Article of the Pension Code  to
      increase   the  multiplier  used  to  calculate  the  maximum
      allowable  pension  tax,  from  2.00  to   2.36.    Effective
      immediately.
                                                     LRB9002275EGfg
                                               LRB9002275EGfg
 1        AN  ACT  to  amend  the Illinois Pension Code by changing
 2    Section 5-168.
 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:
 5        Section  5.   The  Illinois  Pension  Code  is amended by
 6    changing Section 5-168 as follows:
 7        (40 ILCS 5/5-168) (from Ch. 108 1/2, par. 5-168)
 8        Sec. 5-168. Financing. Except as  expressly  provided  in
 9    this  Section,  the  city  shall levy a tax annually upon all
10    taxable property therein for the purpose of providing revenue
11    for the fund.
12        The tax shall be at a rate that will produce a sum which,
13    when added to  the  amounts  deducted  from  the  policemen's
14    salaries, is sufficient for the purposes of the fund. For the
15    years  1968  and  1969,  the  city  council  shall levy a tax
16    annually at a rate on the dollar of the assessed valuation of
17    all taxable property that will produce, when extended, not to
18    exceed $9,700,000. Beginning with the year 1970 and each year
19    thereafter the city council shall levy a tax  annually  at  a
20    rate  on  the dollar of the assessed valuation of all taxable
21    property that will produce when extended  an  amount  not  to
22    exceed  the total amount of contributions by the policemen to
23    the Fund made in the calendar year 2 years  before  the  year
24    for  which the applicable annual tax is levied, multiplied by
25    1.40 for the tax levy year 1970; by 1.50 for the  year  1971;
26    by 1.65 for 1972; by 1.85 for 1973; by 1.90 for 1974; by 1.97
27    for  1975 through 1981; by 2.00 for 1982 through 1997; and by
28    2.36 for 1998 and each year thereafter.
29        The tax shall be levied and collected in like manner with
30    the general taxes of the city, and  is  in  addition  to  all
31    other  taxes  which  the  city  is  now  or  may hereafter be
                            -2-                LRB9002275EGfg
 1    authorized to levy upon all taxable property therein, and  is
 2    exclusive of and in addition to the amount of tax the city is
 3    now  or  may  hereafter  be  authorized  to  levy for general
 4    purposes under any law which may  limit  the  amount  of  tax
 5    which  the  city  may  levy for general purposes.  The county
 6    clerk of the county in which the city is located, in reducing
 7    tax levies under Section  8-3-1  of  the  Illinois  Municipal
 8    Code,  shall not consider the tax herein authorized as a part
 9    of the general tax levy for  city  purposes,  and  shall  not
10    include  the  tax  in  any  limitation  of the percent of the
11    assessed valuation  upon  which  taxes  are  required  to  be
12    extended for the city.
13        On  or  before  January  10 of each year, the board shall
14    notify the city council  of  the  requirement  that  the  tax
15    herein  authorized  be  levied  by  the city council for that
16    current year.  The board shall compute the amounts  necessary
17    for  the purposes of this fund to be credited to the reserves
18    established and maintained within the  fund;  shall  make  an
19    annual  determination  of  the  amount  of  the required city
20    contributions; and shall certify the results thereof  to  the
21    city council.
22        As  soon as any revenue derived from the tax is collected
23    it shall be paid to the city treasurer of the city and  shall
24    be held by him for the benefit of the fund in accordance with
25    this Article.
26        If  the  funds available are insufficient during any year
27    to meet the requirements of this Article, the city may  issue
28    tax  anticipation  warrants  against  the  tax  levy  for the
29    current fiscal year.
30        The various sums, including interest, to  be  contributed
31    by  the  city,  shall  be taken from the revenue derived from
32    such tax or otherwise as expressly provided in this  Section.
33    Any moneys of the city derived from any source other than the
34    tax  herein  authorized  shall not be used for any purpose of
                            -3-                LRB9002275EGfg
 1    the fund nor  the  cost  of  administration  thereof,  unless
 2    applied  to  make  the  deposit  expressly authorized in this
 3    Section.
 4        If it is not possible or practicable for the city to make
 5    its contributions at the  time  that  salary  deductions  are
 6    made,  the  city  shall  make  such  contributions as soon as
 7    possible thereafter, with interest thereon to the time it  is
 8    made.
 9        In  lieu  of levying all or a portion of the tax required
10    under this Section in any year, the city may deposit with the
11    city treasurer no later than March 1 of  that  year  for  the
12    benefit  of  the  fund,  to  be  held in accordance with this
13    Article, an amount that, together with the taxes levied under
14    this Section for that year, is not less than  the  amount  of
15    the  city  contributions  for  that  year as certified by the
16    board to the city council.  The deposit may be  derived  from
17    any source legally available for that purpose, including, but
18    not  limited to, the proceeds of city borrowings.  The making
19    of a deposit shall satisfy fully  the  requirements  of  this
20    Section  for  that  year  to  the  extent  of  the amounts so
21    deposited.
22    (Source: P.A. 89-12, eff. 4-20-95.)
23        Section 99. Effective date.  This Act takes  effect  upon
24    becoming law.

[ Top ]