Illinois Compiled Statutes 40 ILCS 5/7-123 – Effective rate of interest
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/7-123
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
“Effective rate of interest”: The interest rate determined by the Board for any calendar year which shall distribute, to the extent reasonably determinable prior to the year for which the rate is applicable, the current earnings (excluding capital gains) on assets of the fund to reserves as provided by Section 7-209, after due allowance is made for special reserve requirements under Section 7-208.