093_SB0910

 
                                     LRB093 10890 EFG 11403 b

 1        AN ACT in relation to public employee benefits.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The  Illinois  Pension  Code  is  amended  by
 5    changing Section 5-168 as follows:

 6        (40 ILCS 5/5-168) (from Ch. 108 1/2, par. 5-168)
 7        Sec. 5-168. Financing.
 8        (a)  Except  as  expressly  provided in this Section, the
 9    city shall levy a tax  annually  upon  all  taxable  property
10    therein for the purpose of providing revenue for the fund.
11        The tax shall be at a rate that will produce a sum which,
12    when  added  to  the  amounts  deducted  from the policemen's
13    salaries  and  the  amounts  deposited  in  accordance   with
14    subsection (g), is sufficient for the purposes of the fund.
15        For  the years 1968 and 1969, the city council shall levy
16    a tax annually at a  rate  on  the  dollar  of  the  assessed
17    valuation  of  all  taxable  property that will produce, when
18    extended, not to exceed $9,700,000.  Beginning with the  year
19    1970  and  each year thereafter the city council shall levy a
20    tax annually  at  a  rate  on  the  dollar  of  the  assessed
21    valuation  of  all  taxable  property  that will produce when
22    extended  an  amount  not  to  exceed  the  total  amount  of
23    contributions by the  policemen  to  the  Fund  made  in  the
24    calendar   year  2  years  before  the  year  for  which  the
25    applicable annual tax is levied, multiplied by 1.40  for  the
26    tax  levy  year  1970; by 1.50 for the year 1971; by 1.65 for
27    1972; by 1.85 for 1973; by 1.90 for 1974; by  1.97  for  1975
28    through  1981; by 2.00 for 1982 through 2003; and by 2.26 for
29    2004 and each year thereafter.
30        (b)  The tax shall be levied and collected in like manner
31    with the general taxes of the city, and is in addition to all
 
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 1    other taxes which  the  city  is  now  or  may  hereafter  be
 2    authorized  to levy upon all taxable property therein, and is
 3    exclusive of and in addition to the amount of tax the city is
 4    now or may  hereafter  be  authorized  to  levy  for  general
 5    purposes  under  any  law  which  may limit the amount of tax
 6    which the city may levy for  general  purposes.   The  county
 7    clerk of the county in which the city is located, in reducing
 8    tax  levies  under  Section  8-3-1  of the Illinois Municipal
 9    Code, shall not consider the tax herein authorized as a  part
10    of  the  general  tax  levy  for city purposes, and shall not
11    include the tax in any  limitation  of  the  percent  of  the
12    assessed  valuation  upon  which  taxes  are  required  to be
13    extended for the city.
14        (c)  On or before January 10  of  each  year,  the  board
15    shall notify the city council of the requirement that the tax
16    herein  authorized  be  levied  by  the city council for that
17    current year.  The board shall compute the amounts  necessary
18    for  the purposes of this fund to be credited to the reserves
19    established and maintained within the  fund;  shall  make  an
20    annual  determination  of  the  amount  of  the required city
21    contributions; and shall certify the results thereof  to  the
22    city council.
23        As  soon as any revenue derived from the tax is collected
24    it shall be paid to the city treasurer of the city and  shall
25    be held by him for the benefit of the fund in accordance with
26    this Article.
27        (d)  If  the  funds available are insufficient during any
28    year to meet the requirements of this Article, the  city  may
29    issue  tax anticipation warrants against the tax levy for the
30    current fiscal year.
31        (e)  The  various  sums,  including   interest,   to   be
32    contributed  by  the  city,  shall  be taken from the revenue
33    derived from such tax or otherwise as expressly  provided  in
34    this Section.  Any moneys of the city derived from any source
 
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 1    other  than  the  tax herein authorized shall not be used for
 2    any purpose of  the  fund  nor  the  cost  of  administration
 3    thereof,   unless  applied  to  make  the  deposit  expressly
 4    authorized  in  this   Section   or   the   additional   city
 5    contributions required under subsection (h).
 6        (f)  If it is not possible or practicable for the city to
 7    make its contributions at the time that salary deductions are
 8    made,  the  city  shall  make  such  contributions as soon as
 9    possible thereafter, with interest thereon to the time it  is
10    made.
11        (g)  In  lieu  of  levying  all  or  a portion of the tax
12    required under this Section in any year, the city may deposit
13    with the city treasurer no later than March 1  of  that  year
14    for  the  benefit  of the fund, to be held in accordance with
15    this Article, an amount that, together with the taxes  levied
16    under this Section for that year, is not less than the amount
17    of  the  city contributions for that year as certified by the
18    board to the city council.  The deposit may be  derived  from
19    any source legally available for that purpose, including, but
20    not  limited to, the proceeds of city borrowings.  The making
21    of a deposit shall satisfy fully  the  requirements  of  this
22    Section  for  that  year  to  the  extent  of  the amounts so
23    deposited.  Amounts deposited under this  subsection  may  be
24    used  by  the  fund  for  any  of  the purposes for which the
25    proceeds of the tax levied under this Section  may  be  used,
26    including  the  payment  of  any  amount  that  is  otherwise
27    required by this Article to be paid from the proceeds of that
28    tax.
29        (h)  In  addition to the contributions required under the
30    other provisions of  this  Article,  by  November  1  of  the
31    following  specified  years,  the city shall deposit with the
32    city treasurer for the benefit of the fund, to  be  held  and
33    used in accordance with this Article, the following specified
34    amounts:  $6,300,000  in 1999; $5,880,000 in 2000; $5,460,000
 
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 1    in 2001; $5,040,000 in 2002; $4,620,000 in  2003;  $4,200,000
 2    in  2004;  $3,780,000 in 2005; $3,360,000 in 2006; $2,940,000
 3    in 2007; $2,520,000 in 2008; $2,100,000 in  2009;  $1,680,000
 4    in  2010;  $1,260,000 in 2011; $840,000 in 2012; and $420,000
 5    in 2013.
 6        The additional city  contributions  required  under  this
 7    subsection are intended to decrease the unfunded liability of
 8    the  fund  and  shall  not  decrease  the  amount of the city
 9    contributions required under the  other  provisions  of  this
10    Article.   The  additional city contributions made under this
11    subsection may be used by the fund  for  any  of  its  lawful
12    purposes.
13    (Source: P.A. 89-12, eff. 4-20-95; 90-766, eff. 8-14-98.)

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