Synopsis As Introduced Amends the School Code. Provides that a separate tax shall be levied by the Chicago Board of Education for the purpose of making an employer contribution to the Public School Teachers' Pension and Retirement Fund of Chicago, at the rate of 0.26%; requires the proceeds from this separate tax to be paid directly to the Pension Fund. Makes a corresponding reduction in the rate limitation for the tax for general educational purposes. Effective immediately.
House Floor Amendment No. 1 Specifies that the changes made to the affected Section by the amendatory Act: (1) do not authorize an increase in the district's maximum aggregate extension or limiting rate under the Property Tax Extension Limitation Law or an increase in the existing total maximum rate limitation under the affected Section; and (2) constitute a continuation of the existing total maximum rate under the affected Section and are not a new rate for the purposes of the Property Tax Extension Limitation Law.