Illinois Compiled Statutes 70 ILCS 508/55 – Abolition of Authority
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Terms Used In Illinois Compiled Statutes 70 ILCS 508/55
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
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.