50-3116. DISSOLUTION OF DISTRICT. (1) The district shall be dissolved by the district board by a resolution of the district board upon a determination that each of the following conditions exist:

(a) All community infrastructure owned by the district has been, or provision has been made for all community infrastructure to be conveyed, either to the state of Idaho or to a political subdivision thereof, which shall include a county or city in which the district is located, or to a public district or other authority authorized by the laws of this state to own such community infrastructure;

(b) The district has no outstanding bond obligations; and

(c) All obligations of the district pursuant to any contracts or agreements entered into by the district have been satisfied.

(2) All property within the district that is subject to the lien of district taxes or special assessments shall remain subject to the lien for the payment of general obligation bonds or special assessment bonds, as the case may be, notwithstanding dissolution of the district. 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 thereon, 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.

(3) The district shall send a notice of dissolution to the governing body or bodies, the county assessor of each county in which the district is located, and the state tax commission. The district shall also record a notice of dissolution with the county clerk in each county in which the district is located.

(4) Subject to the foregoing provisions of this section, if upon dissolution of the district there remain any excess moneys of the district, the district board shall, by resolution, cause the same to be fairly distributed among the current taxpayers of the district. If, as determined in the sole discretion of the district board, the amount to be distributed is de minimis, or the administrative cost of distribution is prohibitive, such remaining moneys shall be paid to the county treasurer of each county in which the district is located to be distributed among the cities and counties in which the district is located in proportion to which said cities and counties receive property tax revenues generally.

History:

[50-3116, added 2008, ch. 410, sec. 1, p. 1159.]