State of Illinois
91st General Assembly
Legislation

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91_SB1469

 
                                               LRB9110686EGfg

 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.
 9        (a)  Except as expressly provided in  this  Section,  the
10    city  shall  levy  a  tax  annually upon all taxable property
11    therein for the purpose of providing revenue 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   and  the  amounts  deposited  in  accordance  with
15    subsection (g), is sufficient for the purposes of the fund.
16        For the years 1968 and 1969, the city council shall  levy
17    a  tax  annually  at  a  rate  on  the dollar of the assessed
18    valuation of all taxable property  that  will  produce,  when
19    extended,  not to exceed $9,700,000.  Beginning with the year
20    1970 and each year thereafter the city council shall  levy  a
21    tax  annually  at  a  rate  on  the  dollar  of  the assessed
22    valuation of all taxable  property  that  will  produce  when
23    extended  an  amount  not  to  exceed  the  total  amount  of
24    contributions  by  the  policemen  to  the  Fund  made in the
25    calendar  year  2  years  before  the  year  for  which   the
26    applicable  annual  tax is levied, multiplied by 1.40 for the
27    tax levy year 1970; by 1.50 for the year 1971;  by  1.65  for
28    1972;  by  1.85  for 1973; by 1.90 for 1974; by 1.97 for 1975
29    through 1981; by 2.00 for 1982 through 2000; and by 2.26  for
30    2001 and each year thereafter.
31        (b)  The tax shall be levied and collected in like manner
 
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 1    with the general taxes of the city, and is in addition to all
 2    other  taxes  which  the  city  is  now  or  may hereafter be
 3    authorized to levy upon all taxable property therein, and  is
 4    exclusive of and in addition to the amount of tax the city is
 5    now  or  may  hereafter  be  authorized  to  levy for general
 6    purposes under any law which may  limit  the  amount  of  tax
 7    which  the  city  may  levy for general purposes.  The county
 8    clerk of the county in which the city is located, in reducing
 9    tax levies under Section  8-3-1  of  the  Illinois  Municipal
10    Code,  shall not consider the tax herein authorized as a part
11    of the general tax levy for  city  purposes,  and  shall  not
12    include  the  tax  in  any  limitation  of the percent of the
13    assessed valuation  upon  which  taxes  are  required  to  be
14    extended for the city.
15        (c)  On  or  before  January  10  of each year, the board
16    shall notify the city council of the requirement that the tax
17    herein authorized be levied by  the  city  council  for  that
18    current  year.  The board shall compute the amounts necessary
19    for the purposes of this fund to be credited to the  reserves
20    established  and  maintained  within  the fund; shall make an
21    annual determination of  the  amount  of  the  required  city
22    contributions;  and  shall certify the results thereof to the
23    city council.
24        As soon as any revenue derived from the tax is  collected
25    it  shall be paid to the city treasurer of the city and shall
26    be held by him for the benefit of the fund in accordance with
27    this Article.
28        (d)  If the funds available are insufficient  during  any
29    year  to  meet the requirements of this Article, the city may
30    issue tax anticipation warrants against the tax levy for  the
31    current fiscal year.
32        (e)  The   various   sums,   including  interest,  to  be
33    contributed by the city, shall  be  taken  from  the  revenue
34    derived  from  such tax or otherwise as expressly provided in
 
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 1    this Section.  Any moneys of the city derived from any source
 2    other than the tax herein authorized shall not  be  used  for
 3    any  purpose  of  the  fund  nor  the  cost of administration
 4    thereof,  unless  applied  to  make  the  deposit   expressly
 5    authorized   in   this   Section   or   the  additional  city
 6    contributions required under subsection (h).
 7        (f)  If it is not possible or practicable for the city to
 8    make its contributions at the time that salary deductions are
 9    made, the city shall  make  such  contributions  as  soon  as
10    possible  thereafter, with interest thereon to the time it is
11    made.
12        (g)  In lieu of levying all  or  a  portion  of  the  tax
13    required under this Section in any year, the city may deposit
14    with  the  city  treasurer no later than March 1 of that year
15    for the benefit of the fund, to be held  in  accordance  with
16    this  Article, an amount that, together with the taxes levied
17    under this Section for that year, is not less than the amount
18    of the city contributions for that year as certified  by  the
19    board  to  the city council.  The deposit may be derived from
20    any source legally available for that purpose, including, but
21    not limited to, the proceeds of city borrowings.  The  making
22    of  a  deposit  shall  satisfy fully the requirements of this
23    Section for that  year  to  the  extent  of  the  amounts  so
24    deposited.   Amounts  deposited  under this subsection may be
25    used by the fund for  any  of  the  purposes  for  which  the
26    proceeds  of  the  tax levied under this Section may be used,
27    including  the  payment  of  any  amount  that  is  otherwise
28    required by this Article to be paid from the proceeds of that
29    tax.
30        (h)  In addition to the contributions required under  the
31    other  provisions  of  this  Article,  by  November  1 of the
32    following specified years, the city shall  deposit  with  the
33    city  treasurer  for  the benefit of the fund, to be held and
34    used in accordance with this Article, the following specified
 
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 1    amounts: $6,300,000 in 1999; $5,880,000 in  2000;  $5,460,000
 2    in  2001;  $5,040,000 in 2002; $4,620,000 in 2003; $4,200,000
 3    in 2004; $3,780,000 in 2005; $3,360,000 in  2006;  $2,940,000
 4    in  2007;  $2,520,000 in 2008; $2,100,000 in 2009; $1,680,000
 5    in 2010; $1,260,000 in 2011; $840,000 in 2012;  and  $420,000
 6    in 2013.
 7        The  additional  city  contributions  required under this
 8    subsection are intended to decrease the unfunded liability of
 9    the fund and shall  not  decrease  the  amount  of  the  city
10    contributions  required  under  the  other provisions of this
11    Article.  The additional city contributions made  under  this
12    subsection  may  be  used  by  the fund for any of its lawful
13    purposes.
14    (Source: P.A. 89-12, eff. 4-20-95; 90-766, eff. 8-14-98.)

15        Section 99. Effective date.  This Act takes  effect  upon
16    becoming law.

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