Illinois Administrative Code
Title 47 - HOUSING AND COMMUNITY DEVELOPMENT
Part 1 - STANDARD GRANT ADMINISTRATIVE REQUIREMENTS
Section 1.60 - Interest on Grant Funds
Universal Citation: 47 IL Admin Code ยง 1.60
Current through Register Vol. 48, No. 12, March 22, 2024
In accordance with Section 10 of the Illinois Grant Funds Recovery Act (Ill. Rev. Stat. 1987, ch. 127, par. 2310 as amended by P.A. 85-1214, effective August 30, 1988), all interest earned on funds held by the Grantee under this grant shall become part of the grant principal when earned unless the grant agreement provides otherwise. However, any interest earned on funds subject to a Department grant after the grant's expiration date shall become part of the grant principal and shall be so treated for all purposes.
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