HB1364: JOLIET ARSENAL AUTHORITY
Legislative Summary
Amends the Joliet Arsenal Development Authority Act. Provides that the Joliet Arsenal Development Authority shall be abolished upon the last to occur of the following: (1) expiration of the 35-year (rather than 30-year) period that begins on the effective date of the 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. Provides that, upon the abolition of the Authority, all of its rights and property shall pass to and be vested in Will County (rather than the State).
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