§ 70 ILCS 520/1 This Act shall be known and may be cited as the “Southwestern …
§ 70 ILCS 520/2 The General Assembly hereby determines and declares: …
§ 70 ILCS 520/3 The following terms, whenever used or referred to in this Act, shall …
§ 70 ILCS 520/4 (a) There is hereby created a political subdivision, body politic and …
§ 70 ILCS 520/5 All official acts of the Authority shall require the approval of at …
§ 70 ILCS 520/5.1 Open meetings; record disclosure
§ 70 ILCS 520/6 (a) The Authority possesses all the powers of a body corporate …
§ 70 ILCS 520/6.1 Commitment notice
§ 70 ILCS 520/7 (a) The Authority, with the written approval of the Governor, shall …
§ 70 ILCS 520/7.1 Any unit of local government which is authorized to issue, sell and …
§ 70 ILCS 520/7.2 (a) Any unit of local government which receives funds from the …
§ 70 ILCS 520/7.3 The Authority may issue a single bond issue pursuant to this Act for …
§ 70 ILCS 520/7.5 Tax exemption of bonds
§ 70 ILCS 520/8 (a) The Authority may, but need not, acquire title to any project …
§ 70 ILCS 520/8.5 Eminent domain
§ 70 ILCS 520/9 In addition to the power and authority heretofore conferred upon the …
§ 70 ILCS 520/10 Enterprise Zone
§ 70 ILCS 520/11 The Authority shall biennially designate a national or State bank or …
§ 70 ILCS 520/11.1 (a) No member of the Authority or officer, agent, or employee of the …
§ 70 ILCS 520/12 The Authority shall have no right or authority to levy any tax or …
§ 70 ILCS 520/13 The Authority may collect fees and charges in connection with its …

Terms Used In Illinois Compiled Statutes > 70 ILCS 520 - Southwestern Illinois Development Authority Act

  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • Amortization: Paying off a loan by regular installments.
  • 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.
  • Ex officio: Literally, by virtue of one's office.
  • 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
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Quorum: The number of legislators that must be present to do business.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Trustee: A person or institution holding and administering property in trust.