Terms Used In Illinois Compiled Statutes > 60 ILCS 1 > Article 23 - Merger Of A Single Township Into 2 Other Townships

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Caucus: From the Algonquian Indian language, a caucus meant "to meet together." An informal organization of members of the legislature that exists to discuss issues of mutual concern and possibly to perform legislative research and policy planning for its members. There are regional, political or ideological, ethnic, and economic-based caucuses.
• Debt: means indebtedness incurred by a dissolving township including, but not limited to, mortgages, judgments, and moneys due through the issuance and sale of bonds, or through an equivalent manner of borrowing for which notes or other evidences of indebtedness are issued fixing the amount of principal and interest from time to time payable to retire the indebtedness. See Illinois Compiled Statutes 60 ILCS 1/23-5
• Dissolving road district: means a road district in a dissolving township, which is dissolved under subsection (c) of Section 23-25. See Illinois Compiled Statutes 60 ILCS 1/23-5
• Dissolving township: means a township which is proposed to be dissolved into and be merged with 2 other adjacent townships. See Illinois Compiled Statutes 60 ILCS 1/23-5
• Equalized assessed value: has the meaning provided in Section 18-213 of the Property Tax Code. See Illinois Compiled Statutes 60 ILCS 1/23-5
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Receiving township: means a township into which a portion of the dissolving township will be merged. See Illinois Compiled Statutes 60 ILCS 1/23-5