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90_SB1828
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 2.26. Effective
immediately.
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LRB9009030EGfgA
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 1998; and by
28 2.26 for 1999 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
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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
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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.