§ 50 ILCS 450/1 This Act shall be known and may be cited as the “Medical Service …
§ 50 ILCS 450/2 As used in this Act, unless the context otherwise requires, the terms …
§ 50 ILCS 450/2.1 “Corporate authority” means the county board of a county, the city …
§ 50 ILCS 450/2.2 “Medical service facility” means any building set aside for use as a …
§ 50 ILCS 450/2.3 “Doctor” means a person licensed to practice medicine in all of its …
§ 50 ILCS 450/3 The purpose of this Act is to enable local governmental units to …
§ 50 ILCS 450/4 The corporate authority of any county having less than 200,000 …
§ 50 ILCS 450/5 The resolution authorizing the issuance of such bonds shall specify …
§ 50 ILCS 450/6 The bonds shall be executed by such officials as may be provided in …
§ 50 ILCS 450/7 The resolution may provide for the creation of a sinking fund to …
§ 50 ILCS 450/8 The bonds shall be sold to the highest and best bidder at not less …
§ 50 ILCS 450/9 The corporate authority may lease or rent the medical service …
§ 50 ILCS 450/10 The corporate authority may mortgage the medical service facility in …

Terms Used In Illinois Compiled Statutes > 50 ILCS 450 - Medical Service Facility Act

  • Amortization: Paying off a loan by regular installments.
  • County board: means the board of county commissioners in counties not under township organization, and the board of supervisors in counties under township organization, and the board of commissioners of Cook County. See Illinois Compiled Statutes 5 ILCS 70/1.07
  • 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
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • 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.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.