Terms Used In Illinois Compiled Statutes > 5 ILCS 530 - Chicago U. S. Courthouse Cession Act

• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Authority: means the "(Name of Financially Distressed City) Financial Advisory Authority". See Illinois Compiled Statutes 65 ILCS 5/8-12-3
• Budget: means an annual appropriation ordinance or annual budget as described in Division 2 of Article 8, as from time to time in effect in the financially distressed city. See Illinois Compiled Statutes 65 ILCS 5/8-12-3
• Chairperson: means the chairperson of the Authority appointed pursuant to Section 8-12-7. See Illinois Compiled Statutes 65 ILCS 5/8-12-3
• Financial Plan: means the financially distressed city's financial plan as developed pursuant to Section 8-12-15, as from time to time in effect. See Illinois Compiled Statutes 65 ILCS 5/8-12-3
• Financially distressed city: means any municipality which is a home rule unit and which (i) is certified by the Department of Revenue as being in the highest 5% of all home rule municipalities in terms of the aggregate of the rate per cent of all taxes levied pursuant to statute or ordinance upon all taxable property of the municipality and as being in the lowest 5% of all home rule municipalities in terms of per capita tax yield, and (ii) is designated by joint resolution of the General Assembly as a financially distressed city. See Illinois Compiled Statutes 65 ILCS 5/8-12-3
• Fiscal year: means the fiscal year of the financially distressed city. See Illinois Compiled Statutes 65 ILCS 5/8-12-3
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.