If a city of the second class reorganizes as a village pursuant to section 17-306, the village board of trustees shall, at the expiration of sixty days from such election, enter upon the duties of their offices; and all books, papers, records, money, and property of such city shall be delivered over to the village board of trustees; and the authority of the city council and all city officers shall cease from and after the taking effect of village government in such city.
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