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SB0493 Engrossed |
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LRB095 05366 AMC 25453 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 5. The Illinois Pension Code is amended by changing |
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| Section 6-165 as follows:
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| (40 ILCS 5/6-165)
(from Ch. 108 1/2, par. 6-165)
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| Sec. 6-165. Financing; tax.
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| (a) Except as expressly provided in this
Section, each city |
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| shall levy a tax annually upon all
taxable property therein for |
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| the purpose of providing revenue for the
fund. For the years |
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| prior to the year 1960, the tax rate shall be as
provided for |
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| in the "Firemen's Annuity and Benefit Fund of the Illinois
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| Municipal Code". The tax, from and after January 1, 1968 to and
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| including the year 1971, shall not exceed .0863% of the value, |
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| as
equalized or assessed by the Department of Revenue, of
all |
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| taxable property in the city. Beginning with the year 1972 and |
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| each
year thereafter the city shall levy a tax annually at a |
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| rate on the
dollar of the value, as equalized or assessed by |
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| the Department of Revenue
of all taxable property within such |
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| city that will
produce, when extended, not to exceed an amount |
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| equal to the total
amount of contributions by the employees to |
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| the fund made in the
calendar year 2 years prior to the year |
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| for which the annual applicable
tax is levied, multiplied by |
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SB0493 Engrossed |
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LRB095 05366 AMC 25453 b |
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| 2.23 through the calendar year 1981, and by
2.26 for the year |
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| 1982 and for each year thereafter.
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| To provide revenue for the ordinary death benefit |
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| established by
Section 6-150 of this Article, in addition to |
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| the contributions by the firemen
for this purpose, the city |
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| council shall for the
year 1962 and each year thereafter |
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| annually levy a tax, which shall be
in addition to and |
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| exclusive of the taxes authorized to be levied under
the |
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| foregoing provisions of this Section, upon all taxable property |
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| in
the city, as equalized or assessed by the Department of |
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| Revenue, at such
rate per cent of the value of such property as |
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| shall be
sufficient to produce for each year the sum of |
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| $142,000.
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| The amounts produced by the taxes levied annually, together |
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| with the
deposit expressly authorized in this Section, shall be
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| sufficient, when added to the amounts deducted from the |
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| salaries of
firemen and applied to the fund, to provide for the |
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| purposes of the
fund.
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| (b) The taxes shall be levied and collected in like manner |
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| with the
general taxes of the city, and shall be in addition to |
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| all other taxes
which the city may levy upon all taxable |
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| property therein and shall be
exclusive of and in addition to |
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| the amount of tax the city may levy for
general purposes under |
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| Section 8-3-1 of the Illinois Municipal Code,
approved May 29, |
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| 1961, as amended, or under any other law or laws which
may |
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| limit the amount of tax which the city may levy for general
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SB0493 Engrossed |
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LRB095 05366 AMC 25453 b |
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| purposes.
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| (c) The amounts of the taxes to be levied in each year |
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| shall be
certified to the city council by the board. The board |
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| shall publish in a newspaper of general circulation the amounts |
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| certified to the city council under this Section.
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| (d) As soon as any revenue derived from such taxes is |
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| collected, it
shall be paid to the city treasurer and held for |
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| the benefit of the fund, and
all such revenue shall be paid |
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| into the fund in accordance with the
provisions of this |
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| Article.
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| (e) If the funds available are insufficient during any year |
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| to
meet the requirements of this Article, the city may issue |
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| tax anticipation
warrants, against the tax levies herein |
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| authorized for the current
fiscal year.
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| (f) The various sums, hereinafter stated, including |
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| interest, to be
contributed by the city, shall be taken from |
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| the revenue derived from the taxes
or otherwise as expressly |
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| provided in this Section. Except for defraying the
cost of |
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| administration of the fund during the calendar year in which a |
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| city
first attains a population of 500,000 and comes under the |
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| provisions of this
Article and the first calendar year |
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| thereafter, any money of the city derived
from any source other |
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| than these taxes or the sale of tax anticipation warrants
shall |
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| not be used to provide revenue for the fund, nor to pay any |
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| part of the
cost of administration thereof, unless applied to |
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| make the deposit expressly
authorized in this Section
or the |
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SB0493 Engrossed |
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LRB095 05366 AMC 25453 b |
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| additional city contributions required under subsection (h).
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| (g) In lieu of levying all or a portion of the tax required |
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| under this
Section in any year, the city may deposit with the |
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| city treasurer no later than
March 1 of that year for the |
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| benefit of the fund, to be held in accordance with
this |
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| Article, an amount that, together with the taxes levied under |
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| this Section
for that year, is not less than the amount of the |
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| city contributions for that
year as certified by the board to |
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| the city council. The deposit may be derived
from any source |
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| legally available for that purpose, including, but not limited
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| to, the proceeds of city borrowings. The making of a deposit |
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| shall satisfy
fully the requirements of this Section for that |
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| year to the extent of the
amounts so deposited. Amounts |
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| deposited under this subsection may be used
by the fund for any |
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| of the purposes for which the proceeds of the taxes levied
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| under this Section may be used, including the payment of any |
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| amount that is
otherwise required by this Article to be paid |
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| from the proceeds of those
taxes.
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| (h) In addition to the contributions required under the |
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| other provisions
of this Article, by November 1 of the |
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| following specified years, the city shall
deposit with the city |
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| treasurer for the benefit of the fund, to be held and
used in |
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| accordance with this Article, the following specified amounts:
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| $6,300,000 in 1999;
$5,880,000 in 2000;
$5,460,000 in 2001;
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| $5,040,000 in 2002; and
$4,620,000 in 2003.
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| The additional city contributions required under this |
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SB0493 Engrossed |
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LRB095 05366 AMC 25453 b |
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| subsection are
intended to decrease the unfunded liability of |
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| the fund and shall not decrease
the amount of the city |
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| contributions required under the other provisions of
this |
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| Article. The additional city contributions made under this |
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| subsection
may be used by the fund for any of its lawful |
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| purposes.
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| (Source: P.A. 93-654, eff. 1-16-04.)
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| Section 90. The State Mandates Act is amended by adding |
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| Section 8.31 as follows:
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| (30 ILCS 805/8.31 new) |
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| Sec. 8.31. Exempt mandate. Notwithstanding Sections 6 and 8 |
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| of this Act, no reimbursement by the State is required for the |
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| implementation of any mandate created by this amendatory Act of |
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| the 95th General Assembly.
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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