After the entry of the judgment of dissolution, the territory formerly comprising the dissolved municipality must revert to the jurisdiction of the local subdivision or organization of which it would have been a part had it never existed. The municipal governing body and other officers shall remain in office and possess, under the direction of the circuit court, all powers necessary for the winding up of the corporate affairs of the municipality, including the power to levy and collect taxes to pay any indebtedness, and to make all orders necessary for the disposal of municipal property and for the proper distribution of the proceeds. The governing body and other officers shall remain in office for purposes of winding up the corporate affairs of the municipality only for the period of six months after the entry of the judgment of dissolution, unless the court entering the judgment orders an extension for the purpose of permitting the affairs of the municipality to be fully closed.
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