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| Public Act 102-0707
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| HB4677 Enrolled | LRB102 24813 AWJ 34058 b |
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AN ACT concerning local government.
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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 Property Tax Code is amended by changing |
Section 18-185 as follows:
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(35 ILCS 200/18-185)
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Sec. 18-185. Short title; definitions. This Division 5 |
may be cited as the
Property Tax Extension Limitation Law. As |
used in this Division 5:
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"Consumer Price Index" means the Consumer Price Index for |
All Urban
Consumers for all items published by the United |
States Department of Labor.
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"Extension limitation" means (a) the lesser of 5% or the |
percentage increase
in the Consumer Price Index during the |
12-month calendar year preceding the
levy year or (b) the rate |
of increase approved by voters under Section 18-205.
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"Affected county" means a county of 3,000,000 or more |
inhabitants or a
county contiguous to a county of 3,000,000 or |
more inhabitants.
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"Taxing district" has the same meaning provided in Section |
1-150, except as
otherwise provided in this Section. For the |
1991 through 1994 levy years only,
"taxing district" includes |
only each non-home rule taxing district having the
majority of |
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its
1990 equalized assessed value within any county or |
counties contiguous to a
county with 3,000,000 or more |
inhabitants. Beginning with the 1995 levy
year, "taxing |
district" includes only each non-home rule taxing district
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subject to this Law before the 1995 levy year and each non-home |
rule
taxing district not subject to this Law before the 1995 |
levy year having the
majority of its 1994 equalized assessed |
value in an affected county or
counties. Beginning with the |
levy year in
which this Law becomes applicable to a taxing |
district as
provided in Section 18-213, "taxing district" also |
includes those taxing
districts made subject to this Law as |
provided in Section 18-213.
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"Aggregate extension" for taxing districts to which this |
Law applied before
the 1995 levy year means the annual |
corporate extension for the taxing
district and those special |
purpose extensions that are made annually for
the taxing |
district, excluding special purpose extensions: (a) made for |
the
taxing district to pay interest or principal on general |
obligation bonds
that were approved by referendum; (b) made |
for any taxing district to pay
interest or principal on |
general obligation bonds issued before October 1,
1991; (c) |
made for any taxing district to pay interest or principal on |
bonds
issued to refund or continue to refund those bonds |
issued before October 1,
1991; (d)
made for any taxing |
district to pay interest or principal on bonds
issued to |
refund or continue to refund bonds issued after October 1, |
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1991 that
were approved by referendum; (e)
made for any taxing |
district to pay interest
or principal on revenue bonds issued |
before October 1, 1991 for payment of
which a property tax levy |
or the full faith and credit of the unit of local
government is |
pledged; however, a tax for the payment of interest or |
principal
on those bonds shall be made only after the |
governing body of the unit of local
government finds that all |
other sources for payment are insufficient to make
those |
payments; (f) made for payments under a building commission |
lease when
the lease payments are for the retirement of bonds |
issued by the commission
before October 1, 1991, to pay for the |
building project; (g) made for payments
due under installment |
contracts entered into before October 1, 1991;
(h) made for |
payments of principal and interest on bonds issued under the
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Metropolitan Water Reclamation District Act to finance |
construction projects
initiated before October 1, 1991; (i) |
made for payments of principal and
interest on limited bonds, |
as defined in Section 3 of the Local Government Debt
Reform |
Act, in an amount not to exceed the debt service extension base |
less
the amount in items (b), (c), (e), and (h) of this |
definition for
non-referendum obligations, except obligations |
initially issued pursuant to
referendum; (j) made for payments |
of principal and interest on bonds
issued under Section 15 of |
the Local Government Debt Reform Act; (k)
made
by a school |
district that participates in the Special Education District |
of
Lake County, created by special education joint agreement |
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under Section
10-22.31 of the School Code, for payment of the |
school district's share of the
amounts required to be |
contributed by the Special Education District of Lake
County |
to the Illinois Municipal Retirement Fund under Article 7 of |
the
Illinois Pension Code; the amount of any extension under |
this item (k) shall be
certified by the school district to the |
county clerk; (l) made to fund
expenses of providing joint |
recreational programs for persons with disabilities under
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Section 5-8 of
the
Park District Code or Section 11-95-14 of |
the Illinois Municipal Code; (m) made for temporary relocation |
loan repayment purposes pursuant to Sections 2-3.77 and |
17-2.2d of the School Code; (n) made for payment of principal |
and interest on any bonds issued under the authority of |
Section 17-2.2d of the School Code; (o) made for contributions |
to a firefighter's pension fund created under Article 4 of the |
Illinois Pension Code, to the extent of the amount certified |
under item (5) of Section 4-134 of the Illinois Pension Code; |
and (p) made for road purposes in the first year after a |
township assumes the rights, powers, duties, assets, property, |
liabilities, obligations, and
responsibilities of a road |
district abolished under the provisions of Section 6-133 of |
the Illinois Highway Code.
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"Aggregate extension" for the taxing districts to which |
this Law did not
apply before the 1995 levy year (except taxing |
districts subject to this Law
in
accordance with Section |
18-213) means the annual corporate extension for the
taxing |
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district and those special purpose extensions that are made |
annually for
the taxing district, excluding special purpose |
extensions: (a) made for the
taxing district to pay interest |
or principal on general obligation bonds that
were approved by |
referendum; (b) made for any taxing district to pay interest
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or principal on general obligation bonds issued before March |
1, 1995; (c) made
for any taxing district to pay interest or |
principal on bonds issued to refund
or continue to refund |
those bonds issued before March 1, 1995; (d) made for any
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taxing district to pay interest or principal on bonds issued |
to refund or
continue to refund bonds issued after March 1, |
1995 that were approved by
referendum; (e) made for any taxing |
district to pay interest or principal on
revenue bonds issued |
before March 1, 1995 for payment of which a property tax
levy |
or the full faith and credit of the unit of local government is |
pledged;
however, a tax for the payment of interest or |
principal on those bonds shall be
made only after the |
governing body of the unit of local government finds that
all |
other sources for payment are insufficient to make those |
payments; (f) made
for payments under a building commission |
lease when the lease payments are for
the retirement of bonds |
issued by the commission before March 1, 1995 to
pay for the |
building project; (g) made for payments due under installment
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contracts entered into before March 1, 1995; (h) made for |
payments of
principal and interest on bonds issued under the |
Metropolitan Water Reclamation
District Act to finance |
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construction projects initiated before October 1,
1991; (h-4) |
made for stormwater management purposes by the Metropolitan |
Water Reclamation District of Greater Chicago under Section 12 |
of the Metropolitan Water Reclamation District Act; (h-8) made |
for payments of principal and interest on bonds issued under |
Section 9.6a of the Metropolitan Water Reclamation District |
Act to make contributions to the pension fund established |
under Article 13 of the Illinois Pension Code; (i) made for |
payments of principal and interest on limited bonds,
as |
defined in Section 3 of the Local Government Debt Reform Act, |
in an amount
not to exceed the debt service extension base less |
the amount in items (b),
(c), and (e) of this definition for |
non-referendum obligations, except
obligations initially |
issued pursuant to referendum and bonds described in
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subsections subsection (h) and (h-8) of this definition; (j) |
made for payments of
principal and interest on bonds issued |
under Section 15 of the Local Government
Debt Reform Act; (k) |
made for payments of principal and interest on bonds
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authorized by Public Act 88-503 and issued under Section 20a |
of the Chicago
Park District Act for aquarium or
museum |
projects and bonds issued under Section 20a of the Chicago |
Park District Act for the purpose of making contributions to |
the pension fund established under Article 12 of the Illinois |
Pension Code; (l) made for payments of principal and interest |
on
bonds
authorized by Public Act 87-1191 or 93-601 and (i) |
issued pursuant to Section 21.2 of the Cook County Forest
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Preserve District Act, (ii) issued under Section 42 of the |
Cook County
Forest Preserve District Act for zoological park |
projects, or (iii) issued
under Section 44.1 of the Cook |
County Forest Preserve District Act for
botanical gardens |
projects; (m) made
pursuant
to Section 34-53.5 of the School |
Code, whether levied annually or not;
(n) made to fund |
expenses of providing joint recreational programs for persons |
with disabilities under Section 5-8 of the Park
District Code |
or Section 11-95-14 of the Illinois Municipal Code;
(o) made |
by the
Chicago Park
District for recreational programs for |
persons with disabilities under subsection (c) of
Section
7.06 |
of the Chicago Park District Act; (p) made for contributions |
to a firefighter's pension fund created under Article 4 of the |
Illinois Pension Code, to the extent of the amount certified |
under item (5) of Section 4-134 of the Illinois Pension Code; |
(q) made by Ford Heights School District 169 under Section |
17-9.02 of the School Code; and (r) made for the purpose of |
making employer contributions to the Public School Teachers' |
Pension and Retirement Fund of Chicago under Section 34-53 of |
the School Code.
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"Aggregate extension" for all taxing districts to which |
this Law applies in
accordance with Section 18-213, except for |
those taxing districts subject to
paragraph (2) of subsection |
(e) of Section 18-213, means the annual corporate
extension |
for the
taxing district and those special purpose extensions |
that are made annually for
the taxing district, excluding |
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special purpose extensions: (a) made for the
taxing district |
to pay interest or principal on general obligation bonds that
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were approved by referendum; (b) made for any taxing district |
to pay interest
or principal on general obligation bonds |
issued before the date on which the
referendum making this
Law |
applicable to the taxing district is held; (c) made
for any |
taxing district to pay interest or principal on bonds issued |
to refund
or continue to refund those bonds issued before the |
date on which the
referendum making this Law
applicable to the |
taxing district is held;
(d) made for any
taxing district to |
pay interest or principal on bonds issued to refund or
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continue to refund bonds issued after the date on which the |
referendum making
this Law
applicable to the taxing district |
is held if the bonds were approved by
referendum after the date |
on which the referendum making this Law
applicable to the |
taxing district is held; (e) made for any
taxing district to |
pay interest or principal on
revenue bonds issued before the |
date on which the referendum making this Law
applicable to the
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taxing district is held for payment of which a property tax
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levy or the full faith and credit of the unit of local |
government is pledged;
however, a tax for the payment of |
interest or principal on those bonds shall be
made only after |
the governing body of the unit of local government finds that
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all other sources for payment are insufficient to make those |
payments; (f) made
for payments under a building commission |
lease when the lease payments are for
the retirement of bonds |
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issued by the commission before the date on which the
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referendum making this
Law applicable to the taxing district |
is held to
pay for the building project; (g) made for payments |
due under installment
contracts entered into before the date |
on which the referendum making this Law
applicable to
the |
taxing district is held;
(h) made for payments
of principal |
and interest on limited bonds,
as defined in Section 3 of the |
Local Government Debt Reform Act, in an amount
not to exceed |
the debt service extension base less the amount in items (b),
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(c), and (e) of this definition for non-referendum |
obligations, except
obligations initially issued pursuant to |
referendum; (i) made for payments
of
principal and interest on |
bonds issued under Section 15 of the Local Government
Debt |
Reform Act;
(j)
made for a qualified airport authority to pay |
interest or principal on
general obligation bonds issued for |
the purpose of paying obligations due
under, or financing |
airport facilities required to be acquired, constructed,
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installed or equipped pursuant to, contracts entered into |
before March
1, 1996 (but not including any amendments to such |
a contract taking effect on
or after that date); (k) made to |
fund expenses of providing joint
recreational programs for |
persons with disabilities under Section 5-8 of
the
Park |
District Code or Section 11-95-14 of the Illinois Municipal |
Code; (l) made for contributions to a firefighter's pension |
fund created under Article 4 of the Illinois Pension Code, to |
the extent of the amount certified under item (5) of Section |
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4-134 of the Illinois Pension Code; and (m) made for the taxing |
district to pay interest or principal on general obligation |
bonds issued pursuant to Section 19-3.10 of the School Code.
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"Aggregate extension" for all taxing districts to which |
this Law applies in
accordance with paragraph (2) of |
subsection (e) of Section 18-213 means the
annual corporate |
extension for the
taxing district and those special purpose |
extensions that are made annually for
the taxing district, |
excluding special purpose extensions: (a) made for the
taxing |
district to pay interest or principal on general obligation |
bonds that
were approved by referendum; (b) made for any |
taxing district to pay interest
or principal on general |
obligation bonds issued before March 7, 1997 (the effective |
date of Public Act 89-718);
(c) made
for any taxing district to |
pay interest or principal on bonds issued to refund
or |
continue to refund those bonds issued before March 7, 1997 |
(the effective date
of Public Act 89-718);
(d) made for any
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taxing district to pay interest or principal on bonds issued |
to refund or
continue to refund bonds issued after March 7, |
1997 (the effective date of Public Act 89-718) if the bonds |
were approved by referendum after March 7, 1997 (the effective |
date of Public Act 89-718);
(e) made for any
taxing district to |
pay interest or principal on
revenue bonds issued before March |
7, 1997 (the effective date of Public Act 89-718)
for payment |
of which a property tax
levy or the full faith and credit of |
the unit of local government is pledged;
however, a tax for the |
|
payment of interest or principal on those bonds shall be
made |
only after the governing body of the unit of local government |
finds that
all other sources for payment are insufficient to |
make those payments; (f) made
for payments under a building |
commission lease when the lease payments are for
the |
retirement of bonds issued by the commission before March 7, |
1997 (the effective date
of Public Act 89-718)
to
pay for the |
building project; (g) made for payments due under installment
|
contracts entered into before March 7, 1997 (the effective |
date of Public Act 89-718);
(h) made for payments
of principal |
and interest on limited bonds,
as defined in Section 3 of the |
Local Government Debt Reform Act, in an amount
not to exceed |
the debt service extension base less the amount in items (b),
|
(c), and (e) of this definition for non-referendum |
obligations, except
obligations initially issued pursuant to |
referendum; (i) made for payments
of
principal and interest on |
bonds issued under Section 15 of the Local Government
Debt |
Reform Act;
(j)
made for a qualified airport authority to pay |
interest or principal on
general obligation bonds issued for |
the purpose of paying obligations due
under, or financing |
airport facilities required to be acquired, constructed,
|
installed or equipped pursuant to, contracts entered into |
before March
1, 1996 (but not including any amendments to such |
a contract taking effect on
or after that date); (k) made to |
fund expenses of providing joint
recreational programs for |
persons with disabilities under Section 5-8 of
the
Park |
|
District Code or Section 11-95-14 of the Illinois Municipal |
Code; and (l) made for contributions to a firefighter's |
pension fund created under Article 4 of the Illinois Pension |
Code, to the extent of the amount certified under item (5) of |
Section 4-134 of the Illinois Pension Code.
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"Debt service extension base" means an amount equal to |
that portion of the
extension for a taxing district for the |
1994 levy year, or for those taxing
districts subject to this |
Law in accordance with Section 18-213, except for
those |
subject to paragraph (2) of subsection (e) of Section 18-213, |
for the
levy
year in which the referendum making this Law |
applicable to the taxing district
is held, or for those taxing |
districts subject to this Law in accordance with
paragraph (2) |
of subsection (e) of Section 18-213 for the 1996 levy year,
|
constituting an
extension for payment of principal and |
interest on bonds issued by the taxing
district without |
referendum, but not including excluded non-referendum bonds. |
For park districts (i) that were first
subject to this Law in |
1991 or 1995 and (ii) whose extension for the 1994 levy
year |
for the payment of principal and interest on bonds issued by |
the park
district without referendum (but not including |
excluded non-referendum bonds)
was less than 51% of the amount |
for the 1991 levy year constituting an
extension for payment |
of principal and interest on bonds issued by the park
district |
without referendum (but not including excluded non-referendum |
bonds),
"debt service extension base" means an amount equal to |
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that portion of the
extension for the 1991 levy year |
constituting an extension for payment of
principal and |
interest on bonds issued by the park district without |
referendum
(but not including excluded non-referendum bonds). |
A debt service extension base established or increased at any |
time pursuant to any provision of this Law, except Section |
18-212, shall be increased each year commencing with the later |
of (i) the 2009 levy year or (ii) the first levy year in which |
this Law becomes applicable to the taxing district, by the |
lesser of 5% or the percentage increase in the Consumer Price |
Index during the 12-month calendar year preceding the levy |
year. The debt service extension
base may be established or |
increased as provided under Section 18-212.
"Excluded |
non-referendum bonds" means (i) bonds authorized by Public
Act |
88-503 and issued under Section 20a of the Chicago Park |
District Act for
aquarium and museum projects; (ii) bonds |
issued under Section 15 of the
Local Government Debt Reform |
Act; or (iii) refunding obligations issued
to refund or to |
continue to refund obligations initially issued pursuant to
|
referendum.
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"Special purpose extensions" include, but are not limited |
to, extensions
for levies made on an annual basis for |
unemployment and workers'
compensation, self-insurance, |
contributions to pension plans, and extensions
made pursuant |
to Section 6-601 of the Illinois Highway Code for a road
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district's permanent road fund whether levied annually or not. |
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The
extension for a special service area is not included in the
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aggregate extension.
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"Aggregate extension base" means the taxing district's |
last preceding
aggregate extension as adjusted under Sections |
18-135, 18-215,
18-230, 18-206, and 18-233.
An adjustment |
under Section 18-135 shall be made for the 2007 levy year and |
all subsequent levy years whenever one or more counties within |
which a taxing district is located (i) used estimated |
valuations or rates when extending taxes in the taxing |
district for the last preceding levy year that resulted in the |
over or under extension of taxes, or (ii) increased or |
decreased the tax extension for the last preceding levy year |
as required by Section 18-135(c). Whenever an adjustment is |
required under Section 18-135, the aggregate extension base of |
the taxing district shall be equal to the amount that the |
aggregate extension of the taxing district would have been for |
the last preceding levy year if either or both (i) actual, |
rather than estimated, valuations or rates had been used to |
calculate the extension of taxes for the last levy year, or |
(ii) the tax extension for the last preceding levy year had not |
been adjusted as required by subsection (c) of Section 18-135.
|
Notwithstanding any other provision of law, for levy year |
2012, the aggregate extension base for West Northfield School |
District No. 31 in Cook County shall be $12,654,592. |
Notwithstanding any other provision of law, for levy year |
2022, the aggregate extension base of a home equity assurance |
|
program that levied at least $1,000,000 in property taxes in |
levy year 2019 or 2020 under the Home Equity Assurance Act |
shall be the amount that the program's aggregate extension |
base for levy year 2021 would have been if the program had |
levied a property tax for levy year 2021. |
"Levy year" has the same meaning as "year" under Section
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1-155.
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"New property" means (i) the assessed value, after final |
board of review or
board of appeals action, of new |
improvements or additions to existing
improvements on any |
parcel of real property that increase the assessed value of
|
that real property during the levy year multiplied by the |
equalization factor
issued by the Department under Section |
17-30, (ii) the assessed value, after
final board of review or |
board of appeals action, of real property not exempt
from real |
estate taxation, which real property was exempt from real |
estate
taxation for any portion of the immediately preceding |
levy year, multiplied by
the equalization factor issued by the |
Department under Section 17-30, including the assessed value, |
upon final stabilization of occupancy after new construction |
is complete, of any real property located within the |
boundaries of an otherwise or previously exempt military |
reservation that is intended for residential use and owned by |
or leased to a private corporation or other entity,
(iii) in |
counties that classify in accordance with Section 4 of Article
|
IX of the
Illinois Constitution, an incentive property's |
|
additional assessed value
resulting from a
scheduled increase |
in the level of assessment as applied to the first year
final |
board of
review market value, and (iv) any increase in |
assessed value due to oil or gas production from an oil or gas |
well required to be permitted under the Hydraulic Fracturing |
Regulatory Act that was not produced in or accounted for |
during the previous levy year.
In addition, the county clerk |
in a county containing a population of
3,000,000 or more shall |
include in the 1997
recovered tax increment value for any |
school district, any recovered tax
increment value that was |
applicable to the 1995 tax year calculations.
|
"Qualified airport authority" means an airport authority |
organized under
the Airport Authorities Act and located in a |
county bordering on the State of
Wisconsin and having a |
population in excess of 200,000 and not greater than
500,000.
|
"Recovered tax increment value" means, except as otherwise |
provided in this
paragraph, the amount of the current year's |
equalized assessed value, in the
first year after a |
municipality terminates
the designation of an area as a |
redevelopment project area previously
established under the |
Tax Increment Allocation Redevelopment Act in the Illinois
|
Municipal Code, previously established under the Industrial |
Jobs Recovery Law
in the Illinois Municipal Code, previously |
established under the Economic Development Project Area Tax |
Increment Act of 1995, or previously established under the |
Economic
Development Area Tax Increment Allocation Act, of |
|
each taxable lot, block,
tract, or parcel of real property in |
the redevelopment project area over and
above the initial |
equalized assessed value of each property in the
redevelopment |
project area.
For the taxes which are extended for the 1997 |
levy year, the recovered tax
increment value for a non-home |
rule taxing district that first became subject
to this Law for |
the 1995 levy year because a majority of its 1994 equalized
|
assessed value was in an affected county or counties shall be |
increased if a
municipality terminated the designation of an |
area in 1993 as a redevelopment
project area previously |
established under the Tax Increment Allocation Redevelopment
|
Act in the Illinois Municipal Code, previously established |
under
the Industrial Jobs Recovery Law in the Illinois |
Municipal Code, or previously
established under the Economic |
Development Area Tax Increment Allocation Act,
by an amount |
equal to the 1994 equalized assessed value of each taxable |
lot,
block, tract, or parcel of real property in the |
redevelopment project area over
and above the initial |
equalized assessed value of each property in the
redevelopment |
project area.
In the first year after a municipality
removes a |
taxable lot, block, tract, or parcel of real property from a
|
redevelopment project area established under the Tax Increment |
Allocation Redevelopment
Act in the Illinois
Municipal Code, |
the Industrial Jobs Recovery Law
in the Illinois Municipal |
Code, or the Economic
Development Area Tax Increment |
Allocation Act, "recovered tax increment value"
means the |
|
amount of the current year's equalized assessed value of each |
taxable
lot, block, tract, or parcel of real property removed |
from the redevelopment
project area over and above the initial |
equalized assessed value of that real
property before removal |
from the redevelopment project area.
|
Except as otherwise provided in this Section, "limiting |
rate" means a
fraction the numerator of which is the last
|
preceding aggregate extension base times an amount equal to |
one plus the
extension limitation defined in this Section and |
the denominator of which
is the current year's equalized |
assessed value of all real property in the
territory under the |
jurisdiction of the taxing district during the prior
levy |
year. For those taxing districts that reduced their aggregate
|
extension for the last preceding levy year, except for school |
districts that reduced their extension for educational |
purposes pursuant to Section 18-206, the highest aggregate |
extension
in any of the last 3 preceding levy years shall be |
used for the purpose of
computing the limiting rate. The |
denominator shall not include new
property or the recovered |
tax increment
value.
If a new rate, a rate decrease, or a |
limiting rate increase has been approved at an election held |
after March 21, 2006, then (i) the otherwise applicable |
limiting rate shall be increased by the amount of the new rate |
or shall be reduced by the amount of the rate decrease, as the |
case may be, or (ii) in the case of a limiting rate increase, |
the limiting rate shall be equal to the rate set forth
in the |
|
proposition approved by the voters for each of the years |
specified in the proposition, after
which the limiting rate of |
the taxing district shall be calculated as otherwise provided. |
In the case of a taxing district that obtained referendum |
approval for an increased limiting rate on March 20, 2012, the |
limiting rate for tax year 2012 shall be the rate that |
generates the approximate total amount of taxes extendable for |
that tax year, as set forth in the proposition approved by the |
voters; this rate shall be the final rate applied by the county |
clerk for the aggregate of all capped funds of the district for |
tax year 2012.
|
(Source: P.A. 102-263, eff. 8-6-21; 102-311, eff. 8-6-21; |
102-519, eff. 8-20-21; 102-558, eff. 8-20-21; revised |
10-5-21.)
|
Section 10. The Illinois Pension Code is amended by |
changing Section 13-503 as follows:
|
(40 ILCS 5/13-503) (from Ch. 108 1/2, par. 13-503)
|
Sec. 13-503. Tax levy. Until fiscal year 2013, the Water |
Reclamation District shall annually
levy a tax upon all the |
taxable real property within the District at a rate
which, |
when extended, will produce a sum that (i) when added to the |
amounts
deducted from the salaries of employees, interest |
income on investments, and
other income, will be sufficient to |
meet the requirements of the Fund on an
actuarially funded |
|
basis, but (ii) shall not exceed an amount equal to the
total |
amount of contributions by the employees to the Fund made in |
the
calendar year 2 years prior to the year for which the tax |
is levied,
multiplied by 2.19, except that the amount of |
employee contributions made on
or after January 1, 2003 |
towards the purchase of additional optional benefits
under |
Section 13-304.1 shall only be multiplied by 1.00. |
Beginning in fiscal year 2013, the District shall annually
|
levy a tax upon all the taxable real property within the |
District at a rate
which, when extended, will produce a sum |
that (i) will be sufficient to meet the Fund's actuarially |
determined contribution requirement, but (ii) shall not exceed |
an amount equal to the total employee contributions 2 years |
prior multiplied by 4.19. The actuarially determined |
contribution requirement is equal to the employer's normal |
cost plus the annual amount needed to amortize the unfunded |
liability by the year 2050 as a level percent of payroll. The |
funding goal is to attain a funded ratio of 100% at least 90% |
by the year 2050, with the funded ratio being the ratio of the |
actuarial value of assets to the total actuarial liability. |
The tax shall be
levied and collected in the same manner as |
the general taxes of the District.
|
The tax shall be exclusive of and in addition to the amount |
of tax the
District is now or may hereafter be authorized to |
levy for general purposes
under the Metropolitan Water |
Reclamation District Act or under any other
laws which may |
|
limit the amount of tax for general purposes. The county
clerk |
of any county, in reducing tax levies as may be authorized by |
law,
shall not consider any such tax as a part of the general |
tax levy for
District purposes, and shall not include the same |
in any limitation of the
percent of the assessed valuation |
upon which taxes are required to be extended.
|
Revenues derived from the tax shall be paid to the Fund for |
the benefit
of the Fund, except for the amount of revenue to be |
retained by the District and used to pay principal and |
interest on bonds issued for the sole purpose of making |
contributions to the Fund as set forth in Section 9.6a of the |
Metropolitan Water Reclamation District Act.
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If the funds available for the purposes of this Article |
are insufficient
during any year to meet the requirements of |
this Article, the District may
issue tax anticipation warrants |
or notes, as provided by law, against the
current tax levy.
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The Board shall submit annually to the Board of |
Commissioners of the
District an estimate of the amount |
required to be raised by taxation for
the purposes of the Fund. |
The Board of Commissioners shall review the
estimate and |
determine the tax to be levied for such purposes.
|
(Source: P.A. 97-894, eff. 8-3-12.)
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Section 15. The Metropolitan Water Reclamation District |
Act is amended by changing Section 9.6a as follows:
|
|
(70 ILCS 2605/9.6a) (from Ch. 42, par. 328.6a)
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Sec. 9.6a. Bonds for sewage treatment and water quality |
improvements. The corporate authorities of a sanitary |
district, in
order to provide funds required for the |
replacing, remodeling,
completing, altering, constructing and |
enlarging of sewage treatment
works, administrative buildings, |
water quality improvement projects, or flood control |
facilities, and additions therefor, pumping
stations, tunnels, |
conduits, intercepting sewers and outlet sewers,
together with |
the equipment, including air pollution equipment, and
|
appurtenances thereto, to acquire property, real, personal or |
mixed,
necessary for said purposes, for costs and expenses for |
the acquisition
of the sites and rights-of-way necessary |
thereto, and for engineering
expenses for designing and |
supervising the construction of such works,
may issue on or |
before December 31, 2034, in addition to all
other obligations |
heretofore or herein authorized, bonds, notes or
other |
evidences of indebtedness for such purposes in an aggregate
|
amount at any one time outstanding not to exceed 3.35% of the |
equalized
assessed valuation of all taxable property within |
the sanitary district,
to be ascertained by the last |
assessment for State and local taxes
previous to the issuance |
of any such obligations. Such obligations shall be
issued |
without submitting the question of such issuance to the legal |
voters
of such sanitary district for approval.
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The corporate authorities may sell such obligations at |
|
private or
public sale and enter into any contract or |
agreement necessary, appropriate
or incidental to the exercise |
of the powers granted by this Act, including,
without |
limitation, contracts or agreements for the sale and purchase |
of
such obligations and the payment of costs and expenses |
incident thereto.
The corporate authorities may pay such costs |
and expenses, in whole or in
part, from the corporate fund.
|
Such obligations shall be issued from time to time only in |
amounts as may
be required for such purposes but the amount of |
such obligations issued during
any one budget year shall not |
exceed $150,000,000 plus
the amount of any obligations |
authorized by this Act to be issued during the 3
budget years |
next preceding the year of issuance but which were not issued,
|
provided, however, that this limitation shall not be |
applicable (i) to the issuance
of obligations to refund bonds, |
notes or other evidences of indebtedness,
(ii) to obligations |
issued to provide for the repayment of money received
from the |
Water Pollution Control Revolving Fund for the construction or
|
repair of wastewater treatment works, and (iii) to obligations |
issued as part of the American Recovery and Reinvestment Act |
of 2009, issued prior to January 1, 2011, that are commonly |
known as "Build America Bonds" as authorized by Section 54AA |
of the Internal Revenue Code of 1986, as amended. Each |
ordinance authorizing the
issuance of the obligations shall |
state the general purpose or purposes for
which they are to be |
issued, and the corporate authorities may at any time
|
|
thereafter pass supplemental appropriations ordinances |
appropriating the
proceeds from the sale of such obligations |
for such purposes.
|
Notwithstanding anything to the contrary in Section 9.6 or |
this Section, and in addition to any other amount of bonds |
authorized to be issued under this Act, the corporate |
authorities are authorized to issue from time to time bonds of |
the district in a principal amount not to exceed $600,000,000 |
for the purpose of making contributions to the pension fund |
established under Article 13 of the Illinois Pension Code |
without submitting the question of issuing bonds to the voters |
of the District. Any bond issuances under this paragraph are |
intended to decrease the unfunded liability of the pension |
fund and shall not decrease the amount of the employer |
contributions required in any given year under Section 13-503 |
of the Illinois Pension Code. |
The corporate authorities may issue bonds, notes or other |
evidences of
indebtedness in an amount necessary to provide |
funds to refund outstanding
obligations issued pursuant to |
this Section, including interest accrued or
to accrue thereon.
|
(Source: P.A. 101-302, eff. 1-1-20.)
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Section 90. The State Mandates Act is amended by adding |
Section 8.46 as follows:
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(30 ILCS 805/8.46 new) |
