(60 ILCS 1/265-5)
Sec. 265-5.
Distribution to school districts.
(a) Whenever the electors attending an annual or special township meeting
of a township in a county with a population of more than 1,000,000 (counties of
the third class) determine that the general township fund of the township is in
excess of the amount needed for township purposes during the remainder of the
then current fiscal year, the electors may, by resolution adopted by the
affirmative vote of two-thirds of the electors attending the meeting, direct
that all or any portion of the excess funds be distributed ratably to the
various school districts maintaining grades 1 through 8 that are wholly or
partly located in the township. In any distribution to school districts, the
share of each school district wholly or partly located within the township
shall be the proportion that the assessed valuation of all property within
the school district or part of the school district in the township bears to the
total assessed valuation of all property in the township.
(b) For purposes of distribution ratably to school districts under this
Section, the township supervisor shall determine the ratable distribution on
the basis of the most recent assessment figures as supplied to him or her by
the county assessor.
(Source: Laws 1959, p. 684; P.A. 88-62.)
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