(105 ILCS 5/15-31) (from Ch. 122, par. 15-31)
Sec. 15-31. Disposition of funds upon liquidation of permanent funds.
Any funds received as the result of the liquidation of the permanent
funds belonging to any school township shall after the payment of the
necessary expenses connected therewith be apportioned and distributed to
the school districts or parts of districts of such township -- including,
in the case of the liquidation of the permanent funds belonging to any
school township in a Class II county school unit, any school district
located in such township which theretofore withdrew from the jurisdiction
and authority of the trustees of schools of that township and from the
jurisdiction and authority of the township treasurer as provided in
subsection (b) of Section 5-1 -- in which
schools have been kept as required by law during the preceding year ending
June 30 according to the number of pupils in average daily attendance in
grades one to eight, each inclusive, and upon the completion of such
liquidation and distribution and the submission of all reports required by
law the office of township land commissioners and their treasurer in such
township shall terminate.
(Source: P.A. 94-1105, eff. 6-1-07.)
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