(a) A district established or renewed pursuant to this subpart may be dissolved by adoption of an ordinance by the city council after public notice and hearing required by this section when there is no indebtedness, outstanding and unpaid, incurred to accomplish any of the purposes of the district. (b) During each year of operation of the district, there shall be a 30-day period in which businesses subject to the benefit assessment may request dissolution of the district. The first period shall begin two years after the date of establishment of the district and shall continue for 30 days. Each successive year of operation of the district shall have such a 30-day period. Upon the written petition of 60 percent or more of business owners or their authorized representatives, the city council shall pass a resolution of intention to dissolve the district. The city council shall give public notice of any hearing on dissolution. (c) The city council, prior to the public hearing required by this section, shall adopt a resolution of intention to dissolve the district. The resolution shall state the reason for the potential dissolution, 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 district. The notice of the hearing on dissolution required by this section shall be given by mail to the owner of each business subject to benefit assessments in the district. The city council shall conduct the public hearing not less than 30 days after mailing the notice to the business owners. The public hearing shall be held not more than 60 days after the adoption of the resolution of intention. At the conclusion of the public hearing, the city council may adopt an ordinance dissolving the district.
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