Arizona Laws 48-6819. Dissolution of district
A. The district may be dissolved by the district board by a resolution of the district board if the following conditions exist:
Terms Used In Arizona Laws 48-6819
- District: means a tax levying revitalization district formed pursuant to this article. See Arizona Laws 48-6801
- District board: means the board of directors of the district. See Arizona Laws 48-6801
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Governing body: means the body or board that by law is constituted as the legislative department of the municipality, Indian tribe or community. See Arizona Laws 48-6801
- Lien: A claim against real or personal property in satisfaction of a debt.
- Municipality: means an incorporated city or town and includes an Indian tribe or community. See Arizona Laws 48-6801
- Property: includes both real and personal property. See Arizona Laws 1-215
- Revenue bonds: means those bonds that are issued pursuant to this article and that are secured by a pledge of revenues of the district or revenues collected by the county or municipality and returned to the district. See Arizona Laws 48-6801
- Trustee: A person or institution holding and administering property in trust.
1. All of the real and personal property owned by the district has been or will be conveyed to a municipality.
2. Either the district has no bonds or obligations or the municipality has assumed all of the obligations of the district.
B. The district board shall comply with the conditions prescribed by subsection A and shall dissolve the district if both of the following occur:
1. The governing body has consented to comply with the conditions prescribed by subsection A and either:
(a) Dissolution has been approved by a vote of the property owners of the district voting in an election called for that purpose.
(b) The governing body determines that the district has been inactive for at least five consecutive years and has no future purpose.
2. The district board adopts a resolution dissolving the district and records the resolution in the office of the county recorder.
C. The district board may call such an election and shall call such an election if requested to do so in a petition signed by ten per cent of the property owners of the district.
D. The election shall be called and held in the same manner as an assessment levy election, except that the ballot shall contain the words "dissolution, yes" and "dissolution, no".
E. All property in the district, except federal, state, county and municipal property, remains subject to the lien for the payment of ad valorem taxes levied, and any property subject to a special assessment lien remains subject to the lien notwithstanding dissolution of the district. The district may not be dissolved if any revenue or assessment bonds of the district remain outstanding unless an amount of money sufficient, together with investment income thereon, to make all payments due on the revenue bonds either at maturity or prior redemption has been deposited with a trustee or escrow agent and pledged to the payment and redemption of the bonds. The district may continue to operate after dissolution only as needed to collect money and make payments on any outstanding bonds.
F. If a proposal for dissolution is approved and the district is an Arizona state retirement system employer before the dissolution, the governing body of the district shall notify the director of the Arizona state retirement system of the dissolution.