Illinois Compiled Statutes 70 ILCS 2405/8.2 – All bonds issued pursuant to this Act shall bear interest at a rate …
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Terms Used In Illinois Compiled Statutes 70 ILCS 2405/8.2
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
All bonds issued pursuant to this Act shall bear interest at a rate or rates not exceeding that permitted by “An Act to authorize public corporations to issue bonds, other evidences of indebtedness and tax anticipation warrants subject to interest rate limitations set forth therein”, approved May 26, 1970, as amended.