(1) The board may adopt a dissolution resolution if: (a) the district has ceased operations in the service area; and (b) the district has no outstanding debt or other obligations. (2) The Legislature may dissolve the district by joint resolution. (3) Upon dissolution of the district: (a) all outstanding revenue bonds shall be defeased or retired in accordance with their terms before dissolution is effective; and (b) all remaining assets of the district shall be transferred to the state. Reserved
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