(a)(1) The board of directors of the district management corporation shall set a hearing when one of the following occurs:
a. Within 60 days after the adoption and approval of the fifth annual budget for the district, to determine continuation, modification, or termination of the district.
b. Whenever a petition is presented to the board of directors requesting termination of the district signed by district members who paid more than 50 percent of the special assessment in the last fiscal year for which the assessment was collected.
(2)At least 20 days before the hearing, notice of the date, time, and place of the hearing shall be posted in at least three public places within the district, on the websites of the municipality and the district, and mailed to each district member.
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(a)(1) The board of directors of the district management corporation shall set a hearing when one of the following occurs:
a. Within 60 days after the adoption and approval of the fifth annual budget for the district, to determine continuation, modification, or termination of the district.
b. Whenever a petition is presented to the board of directors requesting termination of the district signed by district members who paid more than 50 percent of the special assessment in the last fiscal year for which the assessment was collected.
(2) At least 20 days before the hearing, notice of the date, time, and place of the hearing shall be posted in at least three public places within the district, on the websites of the municipality and the district, and mailed to each district member.
(3) At or immediately after the hearing, the board of directors shall adopt a resolution requesting the governing body of the municipality to adopt an ordinance providing for one of the following:
a. Continuation of the district as described in the self-help business improvement plan for an additional five years if the hearing was held pursuant to paragraph (a)(1)a.
b. Continuation of the district with modification for an additional five years if the hearing was held pursuant to paragraph (a)(1)a., as reflected by modifying the self-help business improvement district plan consistent with Section 11-54B-88, including enlargement or reduction of the district.
c. Termination of the district if one of the following occurs:
1. At a hearing held pursuant to paragraph (a)(1)a., it is demonstrated that district members who paid more than 50 percent of the special assessment in the last fiscal year for which the special assessment was collected object to the continuation of the district.
2. At a hearing in response to a petition received pursuant to paragraph (a)(1)b., at which no signatures are withdrawn reducing support for termination of the district to fewer than 50 percent of the district members who paid the special assessment in the last fiscal year for which the assessment was collected.
(b) The governing body of the municipality shall adopt an ordinance ratifying the board of directors’ resolution pursuant to subdivision (a)(3), to take effect at the end of the current fiscal year, to continue, modify, or terminate the district.
(c) In the event of termination of the district, any remaining revenues, after all outstanding debts are paid, derived from the collection of the special assessment or derived from the sale of district assets acquired with the revenues shall be spent as near as possible in accordance with the district plan or shall be refunded to district members who paid the special assessment by applying the same method that was used to calculate the assessment in the last fiscal year for which the special assessment was collected.