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| | 104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB1364 Introduced 1/28/2025, by Rep. Lawrence "Larry" Walsh, Jr. SYNOPSIS AS INTRODUCED:
| | | 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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| | A BILL FOR |
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| | HB1364 | | 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.) |