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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(105 ILCS 5/15-26) (from Ch. 122, par. 15-26)
Sec. 15-26.
Liquidation of permanent fund.
Upon a petition signed by at least one hundred voters of any school
township filed with the regional superintendent of schools
asking that the
permanent funds of such township be liquidated and distributed to the
schools of said township, said regional superintendent of
schools shall certify the proposition to the proper election authorities
for submission to the electorate at a regular scheduled election in said township
the proposition to liquidate such permanent funds and distribute the
proceeds thereof to the schools of the said school township. Such funds
may be deposited by the district either in the educational or
operations and maintenance fund, or in both in such proportion
as the school board shall determine. If the said proposition receives a
majority of the votes cast upon such proposition the
township land commissioners shall proceed to sell the lands included in
the assets of the permanent fund and liquidate the permanent funds of
said school township and distribute same in the manner provided in this
Article; if the average income from the permanent funds of any school
township for a period of three years amounts to less than $2500 the
regional board of school trustees or the township land commissioners
shall
proceed forthwith to liquidate such funds and sell the lands included in
the assets of the permanent fund without any petition or election.
The expenses of liquidation shall be paid out of the moneys obtained
from the liquidation. Upon completion of every sale of lands the
township land commissioners or the regional board of school trustees, as
the case may be, shall deliver to the purchaser a certificate of
purchase including the name and residence of the purchaser and the price
and description of the land.
(Source: P.A. 86-970.)
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