(105 ILCS 5/12-18) (from Ch. 122, par. 12-18)
Sec. 12-18.
Winding up of affairs of Non-High School District.
Upon the elimination of any non-high school district, as provided by
Section 12-24 of this Article, the Regional Superintendent
of Schools, the County Treasurer and the County Clerk shall constitute a Board
of
Education, ex-officio, for the purpose of winding up the affairs of the
non-high school district and paying all outstanding
obligations. The County Treasurer shall be Treasurer, ex-officio, of that Board
to receive
and collect all delinquent taxes and taxes in process of collection of the
district at the time of its elimination, and the Board shall apply the
taxes so collected to the payment of any outstanding obligations of the
eliminated non-high school district. Such Board of Education shall
meet annually by the second Tuesday in September of each year and ascertain
the amount of outstanding bonds of the non-high school district, the
amount of funds on hand from the tax levies for the payment of either
principal or interest, or both, of such bond issues, and to ascertain the
deficiencies in the collection of the taxes for the purpose of paying such
principal and interest of such bonds, and to provide for and levy taxes
annually in an amount sufficient to make up the deficiency in the levy and
collection of such taxes for the purpose of paying in full the principal and
interest of any outstanding bonds of such non-high school district. Such
Board of Education shall file with the County Clerk by the second Monday of
October in each year a certificate of the amounts necessary to be levied to
make up any deficiency in the collection of taxes for payment of principal
and interest of any outstanding bonds of the non-high school district over
the signature of the Regional Superintendent of Schools and
the County Treasurer,
and the County Clerk shall extend the tax for the deficiency as so
ascertained against all the taxable property of the non-high school
district as it existed as of the date of the bonds for which the tax levy
is made, and in accordance with the provisions of Section 12-17 of this
Article.
After payment of all outstanding bonds or after provision has been made
for the payment of such bonds, any funds remaining in the bond principal
and interest account shall be paid by the Board to high school districts
organized since January 1, 1955 solely from the territory of an eliminated
non-high school district. Payment to each high school district shall be
made in the same ratio as the assessed valuation of each high school
district bears to the total valuation of all high school districts to which
payment is being made. In the event payment is made in more than one
installment, second and succeeding installments shall be computed on the
basis of the same percentages as were used for the first payment.
(Source: P.A. 86-1028.)
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