48-5915. Dissolution of district
A. The district may be dissolved by the district board by a resolution of the district board if either the district does not have financial or operating obligations or if the financial or operating obligations of the district have been lawfully assumed by some other entity.
B. The district board shall comply with the conditions prescribed by subsection A and shall dissolve the district if both of the following occur:
1. The district board has consented to comply with the conditions prescribed by subsection A and either:
(a) Dissolution has been approved by a vote of the qualified electors of the district voting in an election called for that purpose.
(b) The district board determines that the district has been inactive for at least five consecutive years and has no future purpose.
2. The district board adopts a resolution dissolving the district and records the resolution in the office of the county recorder.
C. The district board may call an election on the dissolution of the district and shall call such an election if requested to do so in a petition signed by ten per cent of the qualified electors of the district.
D. The election shall be called and held in the same manner as a formation election, except that the ballot shall contain the words " dissolution, yes" and " dissolution, no" .
E. The district shall not be dissolved if any revenue bonds of the district remain outstanding unless an amount of money sufficient, together with investment income, to make all payments due on the revenue bonds either at maturity or prior redemption has been deposited with a trustee or escrow agent and pledged to the payment and redemption of the bonds. The district may continue to operate after dissolution only as needed to collect money and make payments on any outstanding bonds.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.