Illinois HB1364 amends the Joliet Arsenal Development Authority Act to extend the abolition period of the Authority and designate Will County as the.
Illinois HB1364 modifies the Joliet Arsenal Development Authority Act by extending the abolition period of the Authority from 30 years to 35 years. The Authority will be abolished either upon the expiration of this extended period or one year after all revenue bonds, notes, and other evidences of indebtedness have been fully paid. Upon abolition, all rights and property of the Authority will be transferred to Will County instead of the State.
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