§ 45-59-22. Dissolution. (a) Any district management authority may be dissolved and the designation of a management district terminated by ordinance or resolution of the city or town council of the municipality within which it is located adopted after public hearing as provided in § 45-59-6.

(b) Any district management authority must be dissolved and the designation of a business district terminated by ordinance or resolution of the city or town council of the municipality within which it is located upon the receipt of a written petition for dissolution signed by persons who own real property located within the district constituting, in the aggregate, not less than sixty percent (60%) of the aggregate valuation of all real property, not exempt from taxation by law, located within the district.

(c) Any district management authority will be automatically dissolved and the designation of a management district will be automatically terminated at the end of the third full fiscal year after its creation and designation and after it has actually commenced providing services unless the continuance of the existence of the district management authority and the designation of the district is approved in writings which are filed with the clerk of the municipality within which the management district is located and are signed by persons who own real property located within the district and within any subdistrict constituting, in the aggregate, not less than sixty percent (60%) of the aggregated assessed valuation of all real property, not exempt from taxation by law.

(d) Any such dissolution and termination occurring under the provisions of subsections (a) and (b) of this section will be effective as of the end of the fiscal year within which the ordinance or resolution of the city or town council is enacted except that the district management authority's existence will continue for the limited purpose provided for in subsection (e) of this section. Any such dissolution occurring under the provisions of subsection (c) of this section will be effective at the time provided in subsection (c) except that the district management authority's existence will continue for the limited purpose provided for in subsection (e) of this section.

(e) Upon its dissolution, the district management authority will discontinue its operations and proceed to wind up its affairs. Notwithstanding its dissolution, the district management authority will continue in existence for the limited purpose of paying any indebtedness which it has incurred prior to its dissolution and it may continue to make special tax assessments for that purpose. After all of the indebtedness of the district management authority has been paid or its payment provided for, the remaining property and assets of the district management authority will be paid over to the municipality unless another disposition of the property and assets, benefiting the management district, has been directed by the district management authority's board of directors.

History of Section. (P.L. 2001, ch. 205, § 1; P.L. 2001, ch. 373, § 1.)