Illinois Statutes Chapter 70. Special Districts § 2805/35. Dissolution not to affect outstanding obligations

§ 35. The dissolution of any sanitary district shall not affect the obligation of any bonds issued or contracts entered into by such district, nor invalidate the levy, extension or collection of any taxes or special assessments upon the property in the debtor district, but all such bonds and contracts shall be discharged.

All money remaining after the business affairs of the sanitary district have been closed up and all the debts and obligations of the sanitary district have been paid, shall be paid to the school treasurer of the school district in which the sanitary district was situated, not including high school districts; except that after the business affairs of the Lakes Region Sanitary District have been closed up and all the debts and obligations of the Lakes Region Sanitary District have been paid after dissolution under Section 33.1, all money remaining shall be paid to Lake County. When the district was situated in two or more such school districts the money shall be divided between the districts, each district to receive an amount based on the ratio of assessed valuation of real estate of the district which was situated in the sanitary district to the assessed valuation of the real estate of all school districts which were situated in the sanitary district.