Section 10. A BID may be dissolved by petition to the local municipal governing body and a subsequent decision by such governing body to authorize dissolution.

In order to be considered by the local municipal governing body, a petition to dissolve a BID shall contain the signatures of the owners of at least fifty-one percent of the assessed valuation within the district or at least fifty-one percent of the real property owners within the district.

The local municipal governing body shall hold a public hearing within thirty days of receipt of a completed petition on the issue of dissolution.

Following the public hearing, the local municipal governing body may declare the BID dissolved; provided, however, that no BID shall be dissolved until it has satisfied or paid in full all of its outstanding indebtedness, obligations, and liabilities; or until funds are on deposit and available therefor; or until a repayment schedule has been formulated and municipally approved therefor. In addition, the BID shall be prohibited from incurring any new or increased financial obligations.

Any liabilities, either current or future, incurred as a result of action to accomplish the purposes of the BID improvement plan shall not be an obligation of the municipality, but said liabilities shall be paid for entirely from revenue gained from the project or facilities authorized, or from the fees on the properties in the BID.

Upon the dissolution of a BID, any remaining revenues derived from the sale of assets acquired with fees collected shall be refunded to the property owners in the BID in which fees were charged by applying the same formula used to calculate the fee in the fiscal year in which the BID is dissolved.