Illinois Compiled Statutes 65 ILCS 5/8-13-5 – Definitions
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As used in this Article:
“Assignment agreement” means an agreement between a transferring unit and an issuing entity for the conveyance of all or part of any revenues or taxes received by the transferring unit from a State entity.
“Conveyance” means an assignment, sale, transfer, or other conveyance.
“Deposit account” means a designated escrow account established by an issuing entity at a trust company or bank having trust powers for the deposit of transferred receipts under an assignment agreement.
“Issuing entity” means (i) a corporation, trust or other entity that has been established for the limited purpose of issuing obligations for the benefit of a transferring unit, or (ii) a bank or trust company in its capacity as trustee for obligations issued by such bank or trust company for the benefit of a transferring unit.
“State entity” means the State Comptroller, the State Treasurer, or the Illinois Department of Revenue.
“Transferred receipts” means all or part of any revenues or taxes received from a State entity that have been conveyed by a transferring unit under an assignment agreement.
“Transferring unit” means a home rule municipality located in the State.
“Assignment agreement” means an agreement between a transferring unit and an issuing entity for the conveyance of all or part of any revenues or taxes received by the transferring unit from a State entity.
Terms Used In Illinois Compiled Statutes 65 ILCS 5/8-13-5
- Assignment agreement: means an agreement between a transferring unit and an issuing entity for the conveyance of all or part of any revenues or taxes received by the transferring unit from a State entity. See Illinois Compiled Statutes 65 ILCS 5/8-13-5
- Conveyance: means an assignment, sale, transfer, or other conveyance. See Illinois Compiled Statutes 65 ILCS 5/8-13-5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Issuing entity: means (i) a corporation, trust or other entity that has been established for the limited purpose of issuing obligations for the benefit of a transferring unit, or (ii) a bank or trust company in its capacity as trustee for obligations issued by such bank or trust company for the benefit of a transferring unit. See Illinois Compiled Statutes 65 ILCS 5/8-13-5
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
- State entity: means the State Comptroller, the State Treasurer, or the Illinois Department of Revenue. See Illinois Compiled Statutes 65 ILCS 5/8-13-5
- Transferring unit: means a home rule municipality located in the State. See Illinois Compiled Statutes 65 ILCS 5/8-13-5
- Trustee: A person or institution holding and administering property in trust.
“Conveyance” means an assignment, sale, transfer, or other conveyance.
“Deposit account” means a designated escrow account established by an issuing entity at a trust company or bank having trust powers for the deposit of transferred receipts under an assignment agreement.
“Issuing entity” means (i) a corporation, trust or other entity that has been established for the limited purpose of issuing obligations for the benefit of a transferring unit, or (ii) a bank or trust company in its capacity as trustee for obligations issued by such bank or trust company for the benefit of a transferring unit.
“State entity” means the State Comptroller, the State Treasurer, or the Illinois Department of Revenue.
“Transferred receipts” means all or part of any revenues or taxes received from a State entity that have been conveyed by a transferring unit under an assignment agreement.
“Transferring unit” means a home rule municipality located in the State.