(65 ILCS 5/7-1-33) (from Ch. 24, par. 7-1-33)
Sec. 7-1-33.
Upon annexation, the title and possession of all municipal and
school property located in the annexed part vests in the annexing
municipality. There shall be an adjustment of the municipal and school
properties owned by the municipality, school district, or township from
which a part is disconnected in order that all of this property may be
divided between that municipality, school district, or township and the
enlarged annexing municipality, on the same basis and by the same
authorities or court as is provided in Sections 7-1-31 and 7-1-32 for a
division of indebtedness and liabilities. If the public property that
becomes vested in the enlarged annexing municipality because of its
location in the part that was disconnected and annexed exceeds in value the
proportionate part to which the annexing municipality is thus entitled,
then the enlarged annexing municipality shall pay to the municipality,
school district, or township, as the case may be, a sum equal to the
difference between what it received and what it should have received on the
basis specified in Sections 7-1-31 and 7-1-32 for the division of
indebtedness and liabilities. Likewise, if the public property located in
that part of the municipality, school district, or township, that remains
after the disconnection occurs, exceeds in value the proportionate part to
which the municipality, school district, or township is entitled, then the
municipality, school district, or township, as the case may be, shall pay
to the enlarged annexing municipality a sum equal to the difference between
what it received and what it should have received on the basis specified in
Sections 7-1-31 and 7-1-32 for the division of indebtedness and
liabilities.
(Source: Laws 1961, p. 576.)
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