46A-18-75. Vote required for dissolution--Winding-up procedure. If less than sixty percent of the votes cast in the election are for dissolution of the district, the district shall continue in operation and there may not be another vote on dissolving the district for one year. If at least sixty percent of the votes cast are for dissolution, the directors shall immediately in writing notify the Board of Water and Natural Resources and all persons having claims against the district. The real and personal property of the district shall be sold by auction to the highest bidder, as arranged by the directors, after notice of the time, place, and method of conducting the auction has been published in legal newspapers of general circulation in each county that has land within the district for two consecutive weeks prior to the auction. The proceeds of the auction shall be applied to the outstanding obligations of the district. After all obligations have been met, the remaining funds, if any, shall be prorated back to the landowners in proportion to the latest assessment rolls. However, if the district, prior to dissolution, has received any grants or loans from any federal or state agency or the Legislature independently or in conjunction with any other power conferred by this chapter or has received from private owners or other sources, gifts, deeds, or instruments of trust or title relating to any form of property, the unused portion of the items shall be returned to the contributing entity or person. If the contributing entity or person will not accept a return or is no longer in existence or alive and no direction as to disposition upon dissolution was given by the contributor, the unused portion shall be deposited in the water and environment fund, established pursuant to § 46A-1-60.

Source: SL 1984, ch 293, § 74; SL 1990, ch 366, § 19; SL 1991, ch 17 (Ex. Ord. 91-4), § 17; SL 1992, ch 254, § 8; SL 1995, ch 253, § 24.