Terms Used In Illinois Compiled Statutes > 715 ILCS 5 - Notice By Publication Act

• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• Conditional grant award: means the formal notification by the Capital Development Board to a school district of its conditional intent to award a grant to a school district to pay a portion of the recognized project cost for a school construction project. See Illinois Compiled Statutes 105 ILCS 230/5-5
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Dependent: A person dependent for support upon another.
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. ^{Source: Federal Reserve}
• Grant award amount: means an amount equal to the recognized project cost determined by the Capital Development Board for a school construction project multiplied by the grant award percentage and then adjusted as may be required pursuant to subsection (d) of Section 5-15. See Illinois Compiled Statutes 105 ILCS 230/5-5
• Grant award percentage: means a percentage equal to one minus the required local match percentage. See Illinois Compiled Statutes 105 ILCS 230/5-5
• Grantor: The person who establishes a trust and places property into it.
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• 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
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Recognized project cost: means the total project cost for a school construction project determined by the Capital Development Board to be taken into account in calculating the grant award amount and the required local match for a school construction project. See Illinois Compiled Statutes 105 ILCS 230/5-5
• Required local match: means an amount equal to the product of the recognized project cost determined by the Capital Development Board multiplied by a school district's required local match percentage, and then adjusted as may be required pursuant to Section 5-15. See Illinois Compiled Statutes 105 ILCS 230/5-5
• School construction project: means the acquisition, development, construction, reconstruction, rehabilitation, improvement, architectural planning, and installation of capital facilities consisting of buildings, structures, durable equipment, and land for educational purposes. See Illinois Compiled Statutes 105 ILCS 230/5-5
• School district: includes a cooperative high school, if the cooperative agreement includes language that specifies how the debt obligation is to be paid, including if an entity withdraws from the cooperative agreement or the cooperative agreement is terminated. See Illinois Compiled Statutes 105 ILCS 230/5-5
• School maintenance project: means a project, other than a school construction project, intended to provide for the maintenance or upkeep of buildings or structures for educational purposes, but does not include ongoing operational costs. See Illinois Compiled Statutes 105 ILCS 230/5-5
• Statute: A law passed by a legislature.
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}