Summary 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).
Staff Analysis
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). Provides that the Board of Directors of the Joliet Arsenal Development Authority shall consist of 15 members (rather than 10 members). Provides that one member (rather than 6 members) of the Board shall be appointed by the Will County Executive. Provides that the mayors of the municipalities of Channahon, Crest Hill, Elwood, Joliet, Lockport, Manhattan, Rockdale, Romeoville, Symerton, and Wilmington shall each appoint one member of the Board of Directors. Provides for the appointment of the Board members. Provides that the Chairperson of the Board shall be appointed by the Will County Executive from among the members of the Board (rather than elected by the Board annually from among the members who are appointed by the Will County Executive). Provides that Board shall meet upon the call of its Chairperson or upon written notice of 8 members of the Board (rather than 6 members of the Board). Provides that all official acts of the Authority shall require the affirmative vote of a simple majority of the Board members at a meeting of the Board (rather than at least 6 members of the Board at a meeting of the Board) at which the members casting those affirmative votes are present.