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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.