(65 ILCS 95/12) (from Ch. 24, par. 1612)
Sec. 12.
Termination of a program.
A Home Equity Program may be
terminated only by the submission of and approval of the issue in the form
of a public question before the voters of the territory of the program
at a regularly scheduled election in the same manner as the question of the
creation of the program, as set forth in Section 4 of this Act. If a
majority of the voters voting upon the question approve the termination of
the Home Equity Program, as certified by the proper election authorities,
the program shall conclude its business and cease operations within one
year of the date on which the election containing the public question was held.
In terminating the program, the governing commission shall refund the
remaining balance of the guarantee fund, if any, after all potential
liabilities have been satisfied, to the then current property taxpayers of
all residential property within the territory of the commission in an
equitable manner proportionate to the manner in which the guarantee fund
was raised.
(Source: P.A. 85-1044.)
|