§ 787 — Winding down the affairs of a dissolved local government entity

§ 787. Winding down the affairs of a dissolved local government\nentity. 1. Upon the successful completion of dissolution proceedings\npursuant to this title, the governing body of the dissolving local\ngovernment entity shall wind down the affairs thereof, dispose of its\nproperty as provided by law, make provisions for the payment of all\nindebtedness thereof and for the performance of its contracts and\nobligations, and, if applicable and appropriate under law, levy taxes\nand assessments as necessary to accomplish the dissolution.\n 2. In furtherance of its duty to wind down the affairs of the local\ngovernment entity, the governing body shall cause notice to be given, in\nthe same manner as notice for a proposed dissolution plan pursuant to\nsection seven hundred seventy-five of this title, requiring all claims\nagainst the dissolving local government entity, excluding any of its\noutstanding securities, to be filed within a time fixed in the notice,\nbut not less than three months or more than six months, and all claims\nnot so filed shall be forever barred. At the expiration of such time the\ngoverning body shall adjudicate claims so filed, and any resident of the\nentity at the time of the effective date of the dissolution may appear\nand defend against any claim so filed, or the governing body may in its\ndiscretion appoint some person for that purpose.\n