Illinois Compiled Statutes > 50 ILCS 465 – Local Government Housing Finance Act


§ 50 ILCS 465/1	Short title
§ 50 ILCS 465/5	Definitions
§ 50 ILCS 465/10	Powers
§ 50 ILCS 465/15	Ordinance authorizing exercise of powers
§ 50 ILCS 465/20	Covenants
§ 50 ILCS 465/25	Signatures
§ 50 ILCS 465/30	Pledges; validity
§ 50 ILCS 465/35	Bonds; obligations of the Authority
§ 50 ILCS 465/40	Personal liability; corporate authorities
§ 50 ILCS 465/45	Joint or cooperative action
§ 50 ILCS 465/50	Legal investments
§ 50 ILCS 465/55	Interests of corporate officers or employees; participating lending …
§ 50 ILCS 465/60	Scope of additional powers
§ 50 ILCS 465/65	Construction
§ 50 ILCS 465/99	Effective date

Appraisal: A determination of property value.
Dependent: A person dependent for support upon another.
Escrow: Money given to a third party to be held for payment until certain conditions are met.
Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
Municipalities: has the meaning established in Section 1 of Article VII of the Constitution of the State of Illinois of 1970. See Illinois Compiled Statutes 5 ILCS 70/1.27
Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}

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