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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020 SB2767 Introduced 2/4/2020, by Sen. Robert F. Martwick SYNOPSIS AS INTRODUCED: |
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40 ILCS 5/10-107 | from Ch. 108 1/2, par. 10-107 |
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Amends the Cook County Forest Preserve Article of the Illinois Pension Code. In a provision concerning the property tax levy for providing revenue for the Fund, provides that the forest preserve district may use other lawfully available funds in lieu of all or part of the levy.
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| | FISCAL NOTE ACT MAY APPLY | | PENSION IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | SB2767 | | LRB101 17418 RPS 66826 b |
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1 | | AN ACT concerning public employee benefits.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The Illinois Pension Code is amended by changing |
5 | | Section 10-107 as follows:
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6 | | (40 ILCS 5/10-107) (from Ch. 108 1/2, par. 10-107)
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7 | | Sec. 10-107. Financing - Tax levy. The forest preserve |
8 | | district may
levy an annual tax on the value, as equalized or |
9 | | assessed by the
Department of Revenue, of all taxable property |
10 | | in the
district for the purpose of providing revenue for the |
11 | | fund. The rate of
such tax in any year may not exceed the rate |
12 | | herein specified for that
year or the rate which will produce, |
13 | | when extended, the sum herein
stated for that year, whichever |
14 | | is higher: for any year prior to 1970,
.00103% or $195,000; for |
15 | | the year 1970, .00111% or $210,000; for the
year 1971, .00116% |
16 | | or $220,000. For the year 1972 and each year
thereafter, the |
17 | | Forest Preserve District shall levy a tax annually at a
rate on |
18 | | the dollar of the value, as equalized or assessed by the
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19 | | Department of Revenue upon all taxable property in the
county, |
20 | | when extended, not to exceed an amount equal to the total |
21 | | amount
of contributions by the employees to the fund made in |
22 | | the calendar year
2 years prior to the year for which the |
23 | | annual applicable tax is levied,
multiplied by 1.25 for the |