§ 1327. Dissolution.

(a)

Any district activated under the provisions of this Act may be dissolved. The conditions for such dissolution shall be:

(1)

The adoption of a resolution approving of the dissolution of each community improvement district by the DeKalb County Board of Commissioners if wholly within the unincorporated area of DeKalb County, by the governing authority of DeKalb County and such municipalities within which the district may be located if within the unincorporated area of DeKalb County and partially within one (1) or more municipalities, or by the governing authority of a municipality if wholly within the incorporated area thereof; and

(2)

The written consent to the dissolution of the community improvement district by:

(A)

Two-thirds ( 2/3 ) of the owners of real property within the district which are subject to taxes, fees, and assessments levied by the board of the district; and

(B)

The owners of real property constituting at least seventy-five (75) percent by value of all real property within the district which are subject to taxes, fees, and assessments levied by the board. For this purpose, value shall be determined by the most recent approved county ad valorem tax digest.

The written consent provided for in this paragraph shall be submitted to the DeKalb County tax commissioner, who shall certify whether subparagraphs (A) and (B) of this paragraph have been satisfied with respect to each proposed district dissolution.

(b)

In the event that successful action is taken pursuant to this section to dissolve the district, the dissolution shall become effective at such time as all debt obligations of the district have been satisfied. Following a successful dissolution action and until the dissolution becomes effective, no new projects may be undertaken, obligations or debts incurred, or property acquired.

(c)

Upon a successful dissolution action, all noncash assets of the district other than public facilities or land or easements to be used for such public facilities, as described in Section 2 [1316] of this Act, shall be reduced to cash and, along with all other cash on hand, shall be applied to the repayment of any debt obligation of the district. Any cash remaining after all outstanding obligations are satisfied shall be refunded to each property owner in direct proportion to the total amount in taxes, fees, or assessments paid by the property owner relative to the total revenues paid by all properties in the district in the most recent tax year.

(d)

When dissolution becomes effective, the county governing authority for public facilities located within the unincorporated area, or the municipality within which they are located, shall take title to all property, public facilities, and land or easements to be used for such public facilities previously in the ownership of the district, and all taxes, fees, and assessments of the district shall cease to be levied and collected.

(e)

A district may be reactivated in the same manner as an original activation.

(Acts 2008, p. 3817, § 14; Acts 2016 , p. 3956, § 7)