Dissolution. (a) The legal title to all property acquired under this act shall immediately and by operation of law vest in such sewer improvement district in its corporate name and shall be held by such district in trust for, and is hereby dedicated and set apart to, the uses and purposes set forth in this act. The board of directors of such district is hereby authorized to hold, use, acquire, manage, occupy and possess such property as herein provided. (b) The board of directors shall have authority to contract for the sale of the sewerage system of the district with a city or town, including the lines of conveyance, plant and other real or personal property used in connection therewith, on such terms as it believes to be for the best interests of the district, but no such contract shall be operative or valid until approved by a majority of the electors of the district voting at a special election called for such purpose by the board of directors. Such special election shall be called and conducted and notice thereof given as in the case of a special election on the issuance of bonds of the district. The board of directors shall canvass the result of such special election and make record thereof in its minutes, and if the proposed contract shall have been approved at such election, the board of directors shall execute necessary conveyances to carry out the terms of the contract; and the purchaser shall thereupon have the right to fix and collect reasonable tolls and charges for the use of the system so purchased. Provided, that the purchase price for such sewerage system shall not be less than the principal amount of the outstanding main sewer line and sewage disposal plant bonds outstanding plus the interest on said bonds to the first call date thereof. The proceeds of such sale shall be applied to the payment of the principal and interest of outstanding bonds of the district, and any excess shall be paid to the owners of the lots and pieces of ground in the district, in proportion to the assessed value thereof. (c) After the execution of the necessary conveyances to carry out the terms of the contract for sale the board of directors shall pay all outstanding valid claims for the operation and maintenance of the district. The board of directors shall then make a report in writing to the board of county commissioners, advising said county commissioners of the sale of the district, including the terms of sale, disposition of the proceeds of the sale, that all valid claims for operation and maintenance have been paid, and petitioning for the dissolution of said district. The board of county commissioners shall cause notice of said petition for dissolution to be published one (1) time in some newspaper printed and published in the county and of general circulation in the district at least ten (10) days before the time at which such petition will be considered. Such notice shall state the time and place, when and where the petition will be considered by the board of county commissioners, a brief substance of the petition, and that all persons interested may appear and be heard. The board of county commissioners shall have exclusive jurisdiction to hear and determine all contests and objections pertaining to such dissolution. At such hearing the board of county commissioners shall determine whether there is any reason or necessity for the continued existence of such district. If said board determines that there is no reason or necessity for the continued existence of said district it shall issue its order dissolving said sewer improvement district, vacating all the offices thereof and discharging the officers from further liability.
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