§ 4.48.220. Dissolution of district.

A.

Any district established or extended pursuant to the provisions of this Chapter, where there is no indebtedness, outstanding and unpaid, incurred to accomplish any of the purposes of the district, may be disestablished by resolution of the City Council in either of the following circumstance:

1.

If the City Council finds there has been misappropriation of funds, malfeasance, or a violation of law in connection with the management of the district, it shall notice a hearing on disestablishment. The notice and hearing shall be held pursuant to Sections 4.48.110 and 4.48.120.

2.

During the operation of the district, there shall be a thirty (30) day period each year in which the assessed property owners may request disestablishment of the district. The first such period shall begin one year after the date of establishment of the district and shall continue for a thirty (30) day period. The next such thirty (30) day period shall begin two years after the date of the establishment of the district. Each successive year of operation of the district shall have such a thirty (30) day period. Upon the written petition of the owners of real property in the area who pay thirty (30) percent or more of the assessments levied, the City Council shall notice a hearing on disestablishment. The notice and hearing shall be held pursuant to Sections 4.48.110 and 4.48.120.

B.

The City Council shall adopt a resolution of intention to disestablish the district prior to the public hearing required by this Section. The resolution shall state the reason for the disestablishment, shall state the time and place of the public hearing, and shall contain a proposal to dispose of any assets acquired with the revenues of the assessments levied within the property and business improvement district. The public hearing shall be held not less than thirty (30) or more than sixty (60) days after the adoption of the resolution of intention. Notice of the public hearing shall be published as provided in Section 4.48.110.

C.

Upon the disestablishment of a district, any remaining revenues derived from the levy of assessments, or any revenues derived from the sale of assets acquired with the revenues, shall be refunded to the owners of the property then located and operating within the district in which assessments were levied by applying the same method and basis that was used to calculate the assessments levied in the fiscal year in which the district was disestablished. If the disestablishment occurs before and assessment is levied for the fiscal year, the method and basis that was used to calculate the assessment levied in the immediate prior fiscal year shall be used to calculate the amount of refund.

D.

Notice of the disestablishment of a district shall be published once in a newspaper of general circulation in the city, not later than fifteen (15) days after the resolution disestablishing the district is adopted.

(Ord. 12190 § 22, 1999)