§ 603. Dissolution of District
(a) Procedure.
(1) If the Board of Supervisors by resolution approved by two-thirds of all the votes
entitled to be cast determines that it is in the best interests of the public, the
member municipalities, and the District that the District be dissolved, and if the
District then has no outstanding debt or obligations under long-term contracts, or
will have no outstanding debt or obligation upon completion of the plan of dissolution,
it shall prepare a plan of dissolution and then adopt a resolution directing that
the question of the dissolution and the plan of dissolution be submitted to the voters
of the District at a special meeting of the District duly warned for that purpose.
(2) If two-thirds of the voters of the District present and voting at the special meeting
of the District duly warned for that purpose shall vote to dissolve District and approve
the plan of dissolution, the District shall cease to conduct its affairs except insofar
as may be necessary for the winding up of the dissolution.
(3) The Board of Supervisors shall immediately cause a notice of the proposed dissolution
to be mailed to each known creditor of the District and shall proceed to collect the
assets of the District and apply and distribute them in accordance with the plan of
dissolution.
(b) Plan of dissolution. The plan of dissolution shall:
(1) Identify and value all unencumbered assets of the District.
(2) Identify and value all encumbered assets of the District.
(3) Identify all creditors of the District and the nature or amount of all liabilities
and obligations of the District.
(4) Identify all obligations under long-term contracts.
(5) Specify the means by which the assets of the District shall be liquidated and all
liabilities and obligations of the District shall be paid and discharged, or adequate
provision shall be made for the satisfaction of all liabilities and obligations.
(6) Specify the amount of monies due from each member municipality, if necessary, to extinguish
the liabilities of the District.
(7) Specify the nature and amount of any liabilities or obligations to be assumed and
paid by the member municipalities.
(8) Specify the means by which any assets remaining after discharge of all liabilities
shall be liquidated if necessary.
(9) Specify that any assets remaining after payment of all liabilities shall be apportioned
and distributed among the member municipalities according to the same basic formula
used in apportioning the annual assessments of the District.
(c) Termination. When the plan of dissolution has been implemented, the Board of Supervisors shall
adopt a resolution certifying that fact to the member municipalities and shall terminate
the District and this charter. (Added 2019, No. M-2, § 2, eff. April 19, 2019.)