N.Y. General Municipal Law 980-O – Dissolution
§ 980-o. Dissolution. (a) Any district established or extended pursuant to the provisions of this article, where there is no indebtedness, outstanding and unpaid, incurred to accomplish any of the purposes of the district, may be dissolved by local law by the legislative body upon its own motion or upon the written petition of (1) the owners of at least fifty-one percent or more of the total assessed valuation of all benefited real property included in the boundaries of the district and (2) at least fifty-one percent of the owners of benefited real property within the area included in the district. The legislative body shall request and consider the recommendations of the district management association concerning any proposed dissolution; provided that if the association has not submitted recommendations to the legislative body within sixty days after request therefor, the legislative body may adopt any such proposed dissolution without considering such recommendations. In the event of dissolution, all assets of the district shall revert to the municipality.
Terms Used In N.Y. General Municipal Law 980-O
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- District: means a business improvement district established pursuant to this article. See N.Y. General Municipal Law 980
- District management association: means the association established pursuant to section nine hundred eighty-m of this article. See N.Y. General Municipal Law 980
- Legislative body: means the local legislative body empowered to adopt and amend local laws or ordinances. See N.Y. General Municipal Law 980
- Municipality: means a city, town or village within the state of New York. See N.Y. General Municipal Law 980
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(b) A certified copy of the order of dissolution shall be filed with the state comptroller at Albany, New York.