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92_SB1602
LRB9213997EGfg
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 2002; and by 2.26 for
29 2003 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.