(105 ILCS 5/19-10)
(from Ch. 122, par. 19-10)
Payment of liabilities resulting from division of assets.
Any school district having a population of 500,000 or less is authorized
to issue bonds for the purpose of the payment of any liabilities or
obligations imposed on such district resulting from the division of assets
as provided by Article 7 of this Act or Article 5 of this Act as it existed
prior to July 1, 1952.
Within 90 days after the final order of the county board of school
trustees dividing assets as a result of creating a new district the school
board of such newly created district or the school board of a district a
portion of whose territory is included within the newly created district
shall pay any amounts due.
The school board of a district obligated or liable under the provisions
of this Section shall issue bonds to the extent necessary to enable the
district to discharge its obligations unless funds can otherwise be made
available for such purpose, and such bonds may be issued in an amount,
including existing indebtedness, in excess of any statutory limitation as
to debt but subject to the 5% constitutional limit.
(Source: Laws 1961, p. 31.)