§ 8-13-5 — Definitions

Illinois § 8-13-5

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 65: MUNICIPALITIES
• Act 65 ILCS 5/: Illinois Municipal Code.
• Art.: Article 8 - Finance

Text

As used in this Article: "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. "Conveyance" means an assignment, sale, transfer, or other conveyance. "Deposit account" means a designated escrow account established by an issuing entity at a trust company or bank having trust powers for the deposit of transferred receipts under an assignment agreement. "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. "State entity" means the State Comptroller, the State Treasurer, or the Illinois Department of Revenue. "Transferred receipts" means all or part of any revenues or taxes received from a State entity that have been conveyed by a transferring unit under an assignment agreement. "Transferring unit" means a home rule municipality located in the State.

Legislative History

(Source: P.A. 100-23, eff. 7-6-17.)