Terms Used In Illinois Compiled Statutes > 405 ILCS 35 - Community Support Systems Act

• 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
• Authority: means the "(Name of Financially Distressed City) Financial Advisory Authority". See Illinois Compiled Statutes 65 ILCS 5/8-12-3
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• 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
• Conveyance: means an assignment, sale, transfer, or other conveyance. See Illinois Compiled Statutes 65 ILCS 5/8-13-5
• 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. See Illinois Compiled Statutes 65 ILCS 5/8-13-5
• 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
• 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 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