(Text of Section before amendment by P.A.
178 words·~1 min read·
/il/chapter-70/act-508/text-of-section-before-amendment-by-p-a-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(Text of Section before amendment by P.A. 104-177)
Sec. 55. Abolition of Authority. The Authority shall be abolished upon the last to occur of the following:
(1)expiration of the 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 the State.
(Text of Section after amendment by P.A. 104-177)
Sec. 55. Abolition of Authority. The Authority shall be abolished upon the last to occur of the following:
(1)expiration of the 35-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.