The City of Chicago, acting by its city council, shall in the year 1980 and every year thereafter levy a tax upon all the taxable property in the municipality at a rate that will produce not to exceed $9,000,000.00 upon the valuation to be ascertained by the assessment of such property for the purposes of taxation in the year 1980, and every year thereafter. This tax, when levied, shall be for the purpose of paying tort judgments, judgments for damage to or for the taking of private property for public use, or any other judgments entered against the City of Chicago. This tax shall be levied and collected in the same manner as the general taxes of the municipality. It shall be known as the judgment tax and shall be in addition to the maximum of all other taxes which the municipality is now, or may be hereafter, authorized by law to levy upon the aggregate valuation of all taxable property within the City of Chicago.
All money received from this tax shall be set apart in a separate fund and shall be used solely for the purpose of paying judgments as provided for in this ordinance. Judgments against the City of Chicago shall be paid out of this fund in order in which the judgments were obtained. This order of payment shall not apply to judgments of $1,000.00 or less, which judgments may be paid out of said order and in the order in which these judgments of $1,000.00 or less were obtained.
Interest accrued on these judgments shall be paid with the principal thereof. However, the interest accrued to any particular date on all judgments payable out of this fund may be paid ratably at any time without payment of the principal thereof; warrants or notes issued in anticipation of the judgment tax shall be issued under the applicable provisions of the Illinois Revised Statutes and shall bear interest at a rate to be determined at the time of sale.
(Prior code § 7-66)