(65 ILCS 5/7-6-4)
(from Ch. 24, par. 7-6-4)
If the vote is in favor of a voluntary dissolution of the
municipality there shall be no further elections for municipal officers.
The officers acting at the time of this vote shall close up the business
affairs of the municipality, and make the necessary conveyances of the
title to the municipal property. They may levy and collect taxes for the
purpose of paying the debts and obligations of the municipality, but they
shall not create any new obligation against the municipality.
All money remaining after the business affairs of the municipality have
been closed up and all the debts and obligations of the municipality have
been paid, shall be paid to the school treasurer for the township or school
unit, as the case may be, in which the municipality, or a greater part
thereof, was situated. This money shall become a part of the school fund of
the school district in which the municipality was situated. If the
municipality was situated in more than one school district, the trustees of
the schools for the specified township or unit shall direct the treasurer
for that township or unit to distribute and credit the fund to the
specified districts, in the same proportion as the amounts of the assessed
valuation of property in these districts, according to the last assessment
in these districts, bear to each other.
(Source: Laws 1963, p. 854.)