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| | HB1364 Engrossed | | LRB104 07706 RTM 17751 b |
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| 1 | | AN ACT concerning local government.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Joliet Arsenal Development Authority Act is |
| 5 | | amended by changing Section 55 as follows:
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| 6 | | (70 ILCS 508/55) |
| 7 | | Sec. 55. Abolition of Authority. The Authority shall be |
| 8 | | abolished upon the last to occur of the following: (1) |
| 9 | | expiration of the 35-year 30-year period that begins on the |
| 10 | | effective date of this Act; or (2) one year after all revenue |
| 11 | | bonds, notes, and other evidences of indebtedness of the |
| 12 | | Authority have been fully paid and discharged or otherwise |
| 13 | | provided for. Upon the abolition of the Authority, all of its |
| 14 | | rights and property shall pass to and be vested in Will County |
| 15 | | the State. |
| 16 | | (Source: P.A. 102-699, eff. 4-19-22.) |
