Illinois Compiled Statutes > 5 ILCS 420 > Article 4A – Disclosure of Economic Interests
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Terms Used In Illinois Compiled Statutes > 5 ILCS 420 > Article 4A - Disclosure of Economic Interests
- Caucus: From the Algonquian Indian language, a caucus meant "to meet together." An informal organization of members of the legislature that exists to discuss issues of mutual concern and possibly to perform legislative research and policy planning for its members. There are regional, political or ideological, ethnic, and economic-based caucuses.
- 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.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Legacy: A gift of property made by will.