Illinois General Assembly - Illinois Compiled Statutes

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310 ILCS 10/32

(310 ILCS 10/32) (from Ch. 67 1/2, par. 27e)

Sec. 32.

An Authority created pursuant to this Act may be dissolved
and its corporate status terminated in the following manner: whenever
the commissioners of an Authority adopt a resolution to the effect that
it has completed all projects undertaken by it, or that it has
undertaken no project and has no project in contemplation, and that it
has no other duties to perform in its area of operation, it shall submit
a certified copy thereof to the governing body of the area of operation
for which it was initially created.  If the governing body concurs
therein, it shall adopt an ordinance or resolution in support thereof
and transmit a certified copy thereof, together with the certified copy
of the resolution of the Authority, to the Department.   The Department shall
audit the financial records of the Authority and if the Authority has
not been the recipient of funds from the State of Illinois, or if it has
received such funds and fully expended the same in the exercise of its
statutory powers, and if no judicial action is then pending in which the
Authority, or the Commissioners thereof in their official capacity, is a
party, and if the Authority is not a party to any unexecuted contract or
agreement, oral or written, in which a monetary claim may be asserted
against it by any person, firm or corporation, it shall issue a
Certificate of Dissolution, attested by the Director of the Department,
and file the same for record in the office of the recorder in
the county in which the Authority is located.

If the Authority has in its possession or title public funds which
are or have been derived from grants made by the State of Illinois, or
any real or personal property acquired by such state funds, and if no
judicial action is pending or contractual claims outstanding against
such Authority as above provided, the Department  shall require the Authority
to transfer such funds to it, and
to sell and liquidate its interest in such real or personal property at
a fair value to be fixed by the Department and pay the proceeds thereof
to the Department.  Upon compliance with such direction, the Department
shall issue, and file for recording, a Certificate of Dissolution in the
manner above provided.

An Authority shall be deemed legally dissolved upon the filing of the
Certificate of Dissolution in the Office of the recorder as
herein provided.  Such dissolution shall not affect or impair the
validity of any deed of conveyance theretofore executed and delivered by
the Authority.  The dissolution of an Authority shall not be a bar to
the establishment of a new Authority for the same area of operation in
the manner provided by Section 3 of this Act.

(Source: P.A. 99-576, eff. 7-15-16.)