Terms Used In Illinois Compiled Statutes > 765 ILCS 1015 - Bailment Insurance Act

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Budget: means the annual budget of the district required under Section 17-1 of this Code, as in effect from time to time. See Illinois Compiled Statutes 105 ILCS 5/1H-10
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• District: means any school district having a population of not more than 500,000 that has had a Financial Oversight Panel established under this Article. See Illinois Compiled Statutes 105 ILCS 5/1H-10
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Financial plan: means the financial plan of the district to be developed pursuant to this Article, as in effect from time to time. See Illinois Compiled Statutes 105 ILCS 5/1H-10
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Obligations: means notes or other short-term debts or liabilities of the Panel. See Illinois Compiled Statutes 105 ILCS 5/1H-10
• Oversight: Committee review of the activities of a Federal agency or program.
• Panel: means a Financial Oversight Panel created under this Article. See Illinois Compiled Statutes 105 ILCS 5/1H-10
• State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
• State Board: means the State Board of Education. See Illinois Compiled Statutes 105 ILCS 5/1H-10
• State Superintendent: means the State Superintendent of Education. See Illinois Compiled Statutes 105 ILCS 5/1H-10