HB1364eng 104TH GENERAL ASSEMBLY

HB1364 Engrossed LRB104 07706 RTM 17751 b

AN ACT concerning local government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Joliet Arsenal Development Authority Act is amended by changing Section 55 as follows:

(70 ILCS 508/55)

Sec. 55. Abolition of Authority. The Authority shall be abolished upon the last to occur of the following: (1) expiration of the 35-year 30-year period that begins on the effective date of this Act; or (2) one year after all revenue bonds, notes, and other evidences of indebtedness of the Authority have been fully paid and discharged or otherwise provided for. Upon the abolition of the Authority, all of its rights and property shall pass to and be vested in Will County the State.

(Source: P.A. 102-699, eff. 4-19-22.)