(65 ILCS 5/7-1-31) (from Ch. 24, par. 7-1-31)
Sec. 7-1-31.
After a part of a municipality is disconnected and annexed to
another municipality, the indebtedness and liabilities of the municipality
from which the part is disconnected shall be assumed and paid by the
enlarged annexing municipality, in the same proportion as the taxable
property in the disconnected part bears to the taxable property in the
municipality from which the part was disconnected as it existed immediately
before the disconnection, according to the last assessment for taxation.
This duty to assume and pay a proportionate share of indebtedness and
liabilities shall also apply to the indebtedness and liabilities of the
school district or township in which the disconnected part was situated.
The amount of the indebtedness and liabilities to be assumed and paid by
the enlarged annexing municipality shall be determined by the corporate
authorities of the annexing municipality and of the municipality from which
a part was disconnected, or, as the case may be, by the school authorities
of the school district or township in which the disconnected part was
situated.
(Source: Laws 1961, p. 576.)
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