(105 ILCS 5/12-23)
(from Ch. 122, par. 12-23)
Detachment of territory from non-high school district.
When all of the territory of the non-high school district is annexed to
one or more districts, the funds remaining to the credit of the non-high
school district and property of such district shall within 60 days be
apportioned and paid by the county board of school trustees to the
respective school districts to which non-high school territory has been
annexed since May 1, 1945, on the basis of the assessed valuation of the
non-high school territory annexed at the date of the annexation to the
respective school districts.
(Source: Laws 1961, p. 31.)