HB 4677

Abstract

Amends the Property Tax Code. Modifies the exclusions to the definition of "aggregate extension" by excluding special purpose extensions made for the purpose of making contributions to the pension fund established under Article 13 of the Illinois Pension Code by use of bonds issued under specified provisions of the Metropolitan Water Reclamation District Act. Amends the Metropolitan Water Reclamation District Article of the Illinois Pension Code. Provides that, beginning in fiscal year 2032 and each year thereafter, the District shall contribute the actuarially determined contribution. Provides that the actuarially determined contribution is equal to the employer's normal cost plus an amount to amortize the unfunded liability on a level percent of payroll basis and bring the total actuarial assets of the Fund up to 100% of the total actuarial liability, calculated using the entry age normal actuarial cost method, by the year 2050. Makes conforming changes. Amends the Metropolitan Water Reclamation District Act. Adds a provision allowing for the corporate authorities of the district to issue bonds in the principal amount of $600,000,000 for the purpose of making contributions to the pension fund without submitting the question of issuing bonds to the voters of the District. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. House Floor Amendment No. 1 In the Property Tax Extension Limitation Law in the Property Tax Code, modifies the exclusions to the definition of "aggregate extension" by excluding special purpose extensions made for payments of principal and interest on bonds issued under specified provisions of the Metropolitan Water Reclamation District Act to make contributions to the pension fund established under Article 13 of the Illinois Pension Code (rather than made for the purpose of making contributions to the pension fund established under Article 13 of the Illinois Pension Code by use of bonds issued under specified provisions of the Metropolitan Water Reclamation District Act). Makes a conforming change. Modifies provisions in the Metropolitan Water Reclamation District Article of the Illinois Pension Code. Removes language providing that, beginning in fiscal year 2032 and each year thereafter, the District shall contribute the actuarially determined pension contribution requirements from its annual tax levy and related provisions. In provisions requiring revenues derived from the tax to be paid to the Metropolitan Water Reclamation District Retirement Fund for the benefit of the Fund, adds an exception for amounts of revenues 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. In the Metropolitan Water Reclamation District Act, provides that the corporate authorities are authorized to issue from time to time bonds of the district in the principal amount of an amount not to exceed $600,000,000 (rather than in the principal amount of $600,000,000) without submitting the question of issuing bonds to the voters of the District and that the bonds issued under the specified paragraph (rather than subsection) are intended to decrease the unfunded liability of the pension fund and shall not decrease the amount of the employer pension contributions.