Terms Used In Illinois Compiled Statutes > 5 ILCS 541 - Fort Sheridan Retrocession Law of 1992

• 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
• 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
• decree: is synonymous with the word "judgment". See Illinois Compiled Statutes 5 ILCS 70/1.24
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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
• Fiscal year: means the fiscal year of the 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
• Obligations: means bonds, notes or other evidence of indebtedness issued by the Illinois Finance Authority in connection with the provision of financial aid to a financially distressed city pursuant to this Division and applicable provisions of the Illinois Finance Authority Act. See Illinois Compiled Statutes 65 ILCS 5/8-12-3
• 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
• Trustee: A person or institution holding and administering property in trust.