(105 ILCS 5/5-23) (from Ch. 122, par. 5-23)
Sec. 5-23.
Exchange of properties.
Whenever the school board, by a two-thirds majority of its members shall
find and declare the following propositions and shall cause to be recorded
in the Recorder's Office a certificate embodying such findings and
declarations duly signed by its president and attested by its secretary or
clerk, then said school board may cause the exchange of a present school
site or site with building thereon for a substitutional site without a
referendum approving such exchange. The above findings and declarations
shall establish the following: (1) That in the opinion of the school board
a school site or site with building thereon has become unsuitable or
inconvenient for a school; (2) that a substitutional school site has been
offered in exchange for the present site which is a suitable, convenient
and desirable site for a school and (3) that the value of the
substitutional site is equal to or exceeds the value of the present site
for which it is to be exchanged, the criterion of value to be that of a
fair market value. When such certificate has been recorded as aforesaid,
the school board shall transmit a copy of said certificate to the trustees
of schools or other school officials having legal title to such land and
shall request the execution of a deed of conveyance by the president and
clerk, or secretary, as the case may be, to be delivered upon the receipt
of a good and sufficient deed conveying to the trustees of schools or other
school officials entitled under the statute to hold legal title to lands in
the particular school district a good title to the substitutional site; and
such president and clerk, or secretary, as the case may be, shall comply
with such request. If the school board of a school district holds legal title
to any lands to be exchanged under this Section, the certificate shall be
recorded by the school board, and the deed of conveyance shall be executed by
the president and by the secretary or clerk of the school board, as the case
may be, and shall be delivered when a good and sufficient deed conveying the
legal title of the substitutional site to the school board is delivered to the
school board. The certificate provided for shall set forth an accurate
legal description of the present school site and of the substitutional site
offered as aforesaid.
(Source: P.A. 88-155.)
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