HB 2909

Abstract

Amends the Chicago Firefighter Article of the Illinois Pension Code. Provides that if the city discontinues the use of specified property as an academy for the training of firefighters, the city shall, as soon as practicable, transfer that property to the Fund. Provides that the transferred property shall be considered an asset of the Fund, but shall not be considered as part of the city's required contribution to the Fund in any year. Provides that in administering the asset, the Fund shall exercise its fiduciary duties. Provides that, in accordance with those fiduciary duties, the Fund shall prioritize uses that add value to the Chicago Fire Department and its membership. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately. House Floor Amendment No. 1 Adds reference to: 35 ILCS 200/9-195.1 new Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill. Adds provisions amending the Property Tax Code. Provides that, if the property referenced in the introduced bill is transferred to the Firemen's Annuity and Benefit Fund and the Fund subsequently leases the property to an entity whose property is not exempt, then the leasehold estate and the appurtenances shall be listed as the property of the lessee or his or her assignee, and the lessee shall be liable for the property taxes. Provides that the Fund may not sell the property without the affirmative vote of the three-fifths of the members of the board of trustees of the Fund. Preempts home rule powers. Effective immediately.