§ 10.45 — Loan agreement

Illinois § 10.45

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 70: SPECIAL DISTRICTS
• Act 70 ILCS 508/: Joliet Arsenal Development Authority Act.

Text

"Loan agreement" means any agreement by which the Authority agrees to loan the proceeds of its revenue bonds, notes, or other evidences of indebtedness issued with respect to a project to any person or governmental agency that will use or cause the project to be used as a project upon terms providing for loan repayment installments at least sufficient to pay when due the borrower's pro rata share of all principal of and interest and premium, if any, on any revenue bonds, notes, or other evidences of indebtedness of the Authority issued with respect to the project, providing for maintenance, insurance, and operation of the project on terms satisfactory to the Authority, and providing for other matters as may be deemed advisable by the Authority.

Legislative History

(Source: P.A. 89-333, eff. 8-17-95; 90-83, eff. 7-10-97.)