§ 54-49. 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 Fulton County Board of Commissioners if wholly within the unincorporated area of Fulton County and such municipalities within which the district may be located if partially within the unincorporated area of Fulton County and partially within one 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 (67 percent) 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 75 percent by value of all real property within the district which are to be subject to taxes, fees, and assessments levied by the board and 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 Fulton 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)

At the official caucus of electors at which board members are to be elected in the sixth year following creation of the district, and every sixth year thereafter, the question shall be put to the electors present to dissolve the community improvement district. Upon an affirmative vote of a majority of the electors present and voting, who shall represent at least 75 percent of the votes cast on the basis of value, the board shall send a ballot to each owner of property subject to taxes, fees, and assessments levied by the board for a vote on the dissolution. Upon receipt of ballots consenting to the dissolution from a majority of the property owners, who shall represent at least 75 percent of the assessed value of said properties, the board shall request dissolution by the governing authority and shall forward said ballots to the Fulton County tax commissioner for certification.

(c)

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.

(d)

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 of this Act, shall be reduced to cash and, along with all other cash on hand, shall be applied to the repayment of any or debt obligations 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 relative to the total revenues paid by all properties in the district.

(e)

When a dissolution becomes effective, the county governing authority, or the governing authority of a municipality if wholly within the incorporated area thereof, shall take title to all property previously in the ownership of the district and all taxes, fees, and assessments of the district shall cease to be levied and collected.

(f)

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

(1987 Ga. Laws (Act No. 645), page 5460, § 14; 1998 Ga. Laws (Act No. 749), page 4065, § 9)