Sec. 50. Abolition of the Authority.
91 words·~1 min read·
/il/chapter-70/act-516/50A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 50. Abolition of the Authority. The Authority is abolished upon the last to occur of the following:
(1)the expiration of the 15-year period that begins on the effective date of this Act; or
(2)one year after the date that 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 municipal government in which it is located.