Illinois Compiled Statutes 65 ILCS 5/11-74.5-8 – Any pledge made to secure bonds shall be valid and binding from the …
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Terms Used In Illinois Compiled Statutes 65 ILCS 5/11-74.5-8
- Bonds: means any revenue bonds authorized under this Division and payable as provided hereunder. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Municipality: means a municipality as defined in this Illinois Municipal Code. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
- Ordinance: means an ordinance adopted and approved by the corporate authorities of a municipality. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means any State or national bank or trust company, having trust powers, located within or outside the State of Illinois, which may be appointed to act in any capacity with respect to a residential housing finance plan and the issuance of bonds to finance such plan whether designated as a trustee, custodian or administrator. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
Any pledge made to secure bonds shall be valid and binding from the time when the pledge is made. The revenues and receipts or property or interests in property pledged and thereafter received by a municipality or trustee shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against such municipality or trustee irrespective of whether the parties have notice thereof. Neither the ordinance, nor any other instrument by which a pledge is created, need be recorded.