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Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

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65 ILCS 5/8-13-5

    (65 ILCS 5/8-13-5)
    Sec. 8-13-5. Definitions. 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.
(Source: P.A. 100-23, eff. 7-6-17.)