§ 409-603. Dissolution of the District

(a) Upon the affirmative vote of supervisors representing at least two-thirds of all votes entitled to be cast on behalf of all members and comprising at least two-thirds of the supervisors present, the Board may prepare a plan of dissolution for submission to the voters of the District at a special meeting of the District duly warned for such purposes. If the voters of the District present and voting at such special meeting of the District vote to dissolve the District, the District shall cease to conduct its affairs except insofar as may be necessary to complete the plan of dissolution and conclude its affairs. The Board of Supervisors shall cause a notice of the plan of dissolution to be mailed to each known creditor of the District and to the Secretary of State.

(b) The plan of dissolution shall, at a minimum:

(1) Identify and value all assets of the District;

(2) Identify all liabilities of the District, including contract obligations;

(3) Determine how the assets of the District shall be liquidated and how the liabilities and obligations of the District shall be paid, to include assessments against municipalities of the District;

(4) Specify that any assets remaining after payment of all liabilities shall be apportioned and distributed among the municipalities according to the same basic formula used in apportioning the costs of the District to the municipalities.

(c) When the plan of dissolution has been fully implemented, the Board shall certify that fact to the members whereupon this chapter and the District shall be terminated.