§ 2.176.090. Dissolution of the district management corporation.

A.

The district shall be dissolved without further action by the district management corporation or the metropolitan council on December 31, 2026. However, the district shall not be dissolved if, prior to that date the metropolitan council, by ordinance, determines that the district should be continued and a petition that satisfies the requirements of the Central Business Improvement Act, T.C.A. Section 7-84-501 et seq. is filed requesting that the district be continued.

B.

The metropolitan council may dissolve the district upon receipt of a written petition filed either: (a) by the owners of seventy-five percent of the assessed value of the taxable real property in the district based on the most recent certified city property tax rolls; or (b) by fifty percent of the owners of record within the district.

C.

The district may not be dissolved if the metropolitan government has outstanding any bonds, notes or other obligations payable solely from the special assessment revenues levied on the real property within the district, in which case such dissolution may occur only at such time as such bonded indebtedness has been repaid in full or the metropolitan government pledges to the payment of such indebtedness its full faith and credit and unlimited taxing power. Upon dissolution of the district, any unencumbered assessment proceeds remaining under the control of the district shall be disbursed to the owners of district real property pro rata, based upon the amounts of the respective assessments.

(Ord. BL2015-67 § 1, 2016; Ord. BL2006-1123 § 1, 2006)