§ 45-59-22 - Dissolution.
SECTION 45-59-22
§ 45-59-22 Dissolution. – (a) Any district management authority may be dissolved and the designation of amanagement district terminated by ordinance or resolution of the city or towncouncil of the municipality within which it is located adopted after publichearing as provided in § 45-59-6.
(b) Any district management authority must be dissolved andthe designation of a business district terminated by ordinance or resolution ofthe city or town council of the municipality within which it is located uponthe receipt of a written petition for dissolution signed by persons who ownreal property located within the district constituting, in the aggregate, notless than sixty percent (60%) of the aggregate valuation of all real property,not exempt from taxation by law, located within the district.
(c) Any district management authority will be automaticallydissolved and the designation of a management district will be automaticallyterminated at the end of the third full fiscal year after its creation anddesignation and after it has actually commenced providing services unless thecontinuance of the existence of the district management authority and thedesignation of the district is approved in writings which are filed with theclerk of the municipality within which the management district is located andare signed by persons who own real property located within the district andwithin any subdistrict constituting, in the aggregate, not less than sixtypercent (60%) of the aggregated assessed valuation of all real property, notexempt from taxation by law.
(d) Any such dissolution and termination occurring under theprovisions of subsections (a) and (b) of this section will be effective as ofthe end of the fiscal year within which the ordinance or resolution of the cityor town council is enacted except that the district management authority'sexistence will continue for the limited purpose provided for in subsection (e)of this section. Any such dissolution occurring under the provisions ofsubsection (c) of this section will be effective at the time provided insubsection (c) except that the district management authority's existence willcontinue for the limited purpose provided for in subsection (e) of this section.
(e) Upon its dissolution, the district management authoritywill discontinue its operations and proceed to wind up its affairs.Notwithstanding its dissolution, the district management authority willcontinue in existence for the limited purpose of paying any indebtedness whichit has incurred prior to its dissolution and it may continue to make specialtax assessments for that purpose. After all of the indebtedness of the districtmanagement authority has been paid or its payment provided for, the remainingproperty and assets of the district management authority will be paid over tothe municipality unless another disposition of the property and assets,benefiting the management district, has been directed by the districtmanagement authority's board of directors.