§8-13A-15. Abolishment and dissolution of district; notice;
hearing.
(a) A district may be abolished by the governing body of the
municipality following a public hearing upon the proposed
abolishment. Notice of such hearing must be provided by first
class mail to all property owners within the district and shall be
published as a Class I-O legal advertisement in compliance with
article three, chapter fifty-nine of this code at least twenty days
prior to the public hearing. Upon the abolishment of any
improvement district, any funds or other assets, contractual rights
or obligations, claims against holders of indebtedness or other
financial benefits, liabilities or obligations existing after full
payment has been made on all existing contracts, bonds, notes or
other obligations of the district, shall be transferred to the
municipality. Any funds or other assets so transferred shall be
used for the benefit of the area included in the improvement
district being abolished.
(b) Notwithstanding any other provision of this article, no
business improvement district may exist for a period exceeding ten
years unless reinstated pursuant to the provisions of this article.
Reinstatement requires compliance with all requirements and
procedures set forth herein for the initial development and
establishment of a district. No district may issue notes or bonds
for funding district projects or improvements that exceed a
repayment schedule of ten years. Upon the dissolution of any business improvement district, any funds or other assets,
contractual rights or obligations, claims against holders of
indebtedness, or other financial benefits, liabilities or
obligations existing after full payment has been made on all
contracts, bonds, notes or other obligations of the district, shall
be transferred to the municipality. Any funds or other assets so
transferred shall be used for the benefit of the area included in
the improvement district being dissolved.