(60 ILCS 1/23-5) Sec. 23-5. Definitions. As used in this Article: "Dissolving road district" means a road district in a dissolving township, which is dissolved under subsection (c) of Section 23-25. "Dissolving township" means a township which is proposed to be dissolved into and be merged with 2 other adjacent townships. "Equalized assessed value" has the meaning provided in Section 18-213 of the Property Tax Code. "Debt" means indebtedness incurred by a dissolving township including, but not limited to, mortgages, judgments, and moneys due through the issuance and sale of bonds, or through an equivalent manner of borrowing for which notes or other evidences of indebtedness are issued fixing the amount of principal and interest from time to time payable to retire the indebtedness. "Receiving township" means a township into which a portion of the dissolving township will be merged.
(Source: P.A. 100-107, eff. 1-1-18.) |