(a) A central business improvement district created under this subchapter shall continue in existence in perpetuity unless dissolved by ordinance of the governing body to be enacted solely in the manner provided in this section:

(1) A majority of the board of commissioners and a majority in value of the owners of real property in the district may petition the governing body for the dissolution of the district; or

(2) The owners of real property in the district comprising two-thirds (2/3) in value of the real property may petition the governing body for the dissolution of the district;

(3) Upon the filing with the clerk or recorder of the municipality in which the district is located of a petition in accordance with subdivision (1) or (2) of this subsection, it shall then be the duty of the governing body to adopt an appropriate ordinance dissolving the district and providing for the distribution of its assets.

(b)

(1) If practicable, all funds of the district remaining after the payment of any outstanding indebtedness shall be distributed pro rata to the owners of real property within the district in proportion to the assessment of benefits as it appears according to the most recent reassessment of them; otherwise, funds which cannot be practicably refunded shall be paid to the municipality in which the district is located for its general account.

(2) Title to all personal property owned by the district and title to all real property, improvements, easements, and other rights constructed or acquired by the district shall, unless otherwise provided in any conveyance, easement, or grant of right, pass to the municipality in which the district is located.

(c) No district shall be dissolved at any time during which there shall be outstanding bonded indebtedness of the district unless funds sufficient to retire the indebtedness including all interest, redemption premium, if any, trustee's and paying agent's fees, and cost of publication of notices of redemption have been deposited in trust according to the terms of the resolution or trust indenture authorizing the bonded indebtedness.