(70 ILCS 605/10-8) (from Ch. 42, par. 10-8)
Sec. 10-8.
Dissolution-Effect of order-Procedure following dissolution.
If an order is entered by the court dissolving a district, the district
shall thenceforth cease to be a body politic and corporate. The
commissioners of the district shall become vested as trustees with the
title to all property of the district, both real and personal, except the
drains, levees and other works of the district and the rights-of-way upon
which the same are situated, and shall hold in trust all funds belonging to
the district at the time of the entry of the order of dissolution. The
commissioners shall in the manner directed by the court advertise and sell
the real and personal property belonging to the district. The proceeds of
any such sale and any other funds passing to the commissioners shall be
used to pay the debts of the district, the costs of sale and any other
costs and expenses incurred subsequent to the entry of the order of
dissolution, and all remaining surplus funds shall be rebated equitably to
the landowners. The persons entitled to any such rebate shall be those
persons who owned the land on the date of the filing of the petition for
dissolution. The commissioners shall make a report to the court of their
acts in making any such sale, and they shall report to the court the names
of the persons to whom any rebate is proposed to be made and the amounts of
such rebates. Such report may be heard by the court upon such notice as the
court may direct, and the court at such hearing shall determine all
questions with regard to any proposed rebate. Such rebates shall be paid
out in like manner and with like effect as rebates paid out under Section
5-30.
(Source: Laws 1955, p. 512.)
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