(605 ILCS 5/6-126) (from Ch. 121, par. 6-126)
Sec. 6-126.
The property and equipment delivered to the county
superintendent of highways in conjunction with the establishment of a
county unit road district shall be appraised and its fair value determined
by the county superintendent of highways and the highway commissioner of
the former district. Disputes as to the value of transferred property shall
be arbitrated by qualified appraisers approved by both the district highway
commissioner and the county superintendent of highways. Such property and
equipment may be retained and used by the county or may be disposed of and
sold, with the funds so derived deposited in the county unit district
account, as the county board may determine. In case a road district has
outstanding road bonds or road improvement bonds, an amount equal to the
appraised or sale value of such property and equipment, less the amount of
any indebtedness of the former district assumed by the county unit road
district, shall be set up to the credit of such road district by the county
treasurer from any funds available therefor and shall be used to pay the
principal and interest on such bonds, to the extent such credit may be
available, and the tax levied for the payment of the principal and interest
upon such road bonds or road improvement bonds shall be abated by the
amount so applied. In case the road district had no such bonds or road
improvement bonds outstanding, an amount equal to the appraised or sale
value of such property and equipment, less the amount of any indebtedness
of the former district assumed by the county unit road district, shall be
used for the maintenance, repair and improvement of roads in the particular
area that was included in such former district, as the funds become
available therefor but without sacrificing normal necessary roadwork in any
other area.
(Source: P.A. 76-174.)
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