(70 ILCS 1505/12) (from Ch. 105, par. 333.12)
Sec. 12.
The title to all lands, property and funds of every description
now owned or held by the park districts and corporate authorities
superseded by the Chicago Park District shall be vested in the Chicago Park
District, and funds held by any such superseded park districts or corporate
authorities for a particular purpose shall be set aside and used by the
Chicago Park District only for the purpose originally designated.
Any surplus of such funds remaining after accomplishing such purpose
shall become a part of the general corporate fund of the Chicago Park
District.
Any property or funds held by any of the park districts or corporate
authorities superseded by the Chicago Park District upon any special
expressed trust shall be held by said Chicago Park District under such
trust.
The proceeds of taxes and special assessments, levied before this Act
takes effect, shall be applied to the purposes for which they were levied
or imposed.
Any surplus of such proceeds available after application to and
completion of such purposes shall revert to and become a part of the
general corporate fund of the Chicago Park District.
(Source: Laws 1935, p. 1043.)
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