Section 1.60 Interest on Grant Funds

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Illinois Administrative Code › Title 47 HOUSING AND COMMUNITY DEVELOPMENT › CHAPTER I: DEPARTMENT OF COMMERCE AND ECONOMIC OPPORTUNITY › Part 1 STANDARD GRANT ADMINISTRATIVE REQUIREMENTS › Section 1.60 Interest on Grant Funds

This text was captured on Aug 14, 2026. It is a snapshot, not a live feed, so check the official code before relying on it.

Text

Section 1

Section 1.60 Interest on

Grant Funds

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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