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RESOLUTION CALLING ON THE ILLINOIS GENERAL ASSEMBLY TO ASSIST CITY OF CHICAGO EMPLOYEE PENSION FUNDS AND PASS LEGISLATION TO ALLOW FUNDING VIA ADDITIONAL EXISTING MUNICIPAL REVENUE SOURCES
WHEREAS, Chicago's existing municipal employee pension funds are substantially underfunded; and
WHEREAS, the current extraordinary underfunding of these municipal pension funds creates fiscal uncertainty and anxiety for plan beneficiaries; and
WHEREAS, the current extraordinary underfunding of these municipal pension funds creates fiscal uncertainty and anxiety for residents of Chicago who will likely need; and
WHEREAS, recognizing the importance of safe and orderly roads both the Chicago City Council and the Illinois General Assembly have long authorized installation and operation of automated speed enforcement cameras in the City of Chicago; and
WHEREAS, in 2021 alone civil penalties generated by automated speed enforcement cameras generated approximately $89,000,000 in revenue for the City of Chicago; and
WHEREAS, municipal use of automated speed enforcement camera revenue are greatly restricted by Illinois law, to wit, 625 ILCS 5/11-208.8; and
WHEREAS, the General Assembly amending existing law to allow the allocation of automated speed enforcement camera revenue towards the City of Chicago's enormous pension funding obligations would materially benefit every resident of Chicago; now therefore
BE IT RESOLVED, That we, the Mayor and members of the City Council of the City of Chicago, gathered here this twentieth day of July, 2022, do hereby call upon the Illinois General Assembly and Governor Pritzker to amend 625 ILCS 5/11-208.8 to allow the City of Chicago to apply automated speed enforcement camera towards municipal pension obligations in such amounts and at such times as the City Council shall see fit.
BE IT FURTHER RESOLVED, That a copy of this resolution be prepared and presented to each member of the Illinois General Assembly and Governor Pritzk...
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