IL HB4677

Authorizes the Metropolitan Water Reclamation District to issue up to $600,000,000 in bonds without voter approval to make contributions to the pension fund established under Article 13 of the Illinois Pension Code.

Changes the funding goal for the Water Reclamation District pension fund from at least 90% funded ratio to 100% funded ratio by the year 2050.

Allows revenue from pension-related tax levies to be retained by the District to pay principal and interest on bonds issued for pension contributions, separate from general Fund revenues.

Adds an exemption from state reimbursement requirements under the State Mandates Act for any mandates created by this Act.

Modifies the Property Tax Code to exclude certain bonds issued under the Metropolitan Water Reclamation District Act for pension contributions from limiting rate calculations.