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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4689
Introduced 1/12/2006, by Rep. Calvin L. Giles SYNOPSIS AS INTRODUCED:
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40 ILCS 5/17-128.1 new |
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30 ILCS 805/8.30 new |
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Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that the Board of Education shall demand and direct and the city council of the city shall levy a tax of 0.1% annually upon all taxable property in the city. Provides that revenues derived from the tax shall be paid to the city treasurer of the city as collected and held by him or her for the benefit of the the Public School Teachers' Pension and Retirement Fund of Chicago. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
PENSION IMPACT NOTE ACT MAY APPLY |
| STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT
MAY APPLY
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A BILL FOR
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HB4689 |
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LRB094 16680 AMC 51950 b |
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| AN ACT concerning public employee benefits.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 10. The Illinois Pension Code is amended by adding |
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| Section 17-128.1 as follows:
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| (40 ILCS 5/17-128.1 new) |
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| Sec. 17-128.1. Financing; tax levy. Beginning with the |
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| school and fiscal years ending June 30, 2007, the Board of |
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| Education shall demand and direct and the city council of the |
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| city shall levy a tax of 0.1% annually upon all taxable |
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| property in the city. This tax shall be known as the Public |
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| School Teachers' Pension and Retirement Fund Tax. The tax shall |
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| be levied and collected in like manner with the general taxes |
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| of the city, and shall be exclusive of and in addition to the |
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| amount of tax the city is now or may hereafter be authorized to |
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| levy for general purposes under any laws that may limit the |
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| amount of tax that the city may levy for general purposes. The |
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| county clerk of the county in which the city is located, in |
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| reducing tax levies under the provisions of any Act concerning |
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| the levy and extension of taxes, shall not consider the tax |
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| provided for as a part of the general tax levy for city |
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| purposes and shall not include the same within any limitation |
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| of the percent of the assessed valuation upon which taxes are |
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| required to be extended for the city. |
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| Revenues derived from the tax authorized under this Section |
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| shall be paid to the city treasurer of the city as collected |
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| and held by him or her for the benefit of the fund. |
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| If the payments on account of taxes are insufficient during |
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| any year to meet the requirements of this Article, the city may |
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| issue tax anticipation warrants against the current tax levy.
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| Section 90. The State Mandates Act is amended by adding |