§ 31-25-1205 — Organizational procedure

(1) The organization of a district
shall be initiated by a petition filed in the office of the clerk of the governing body.

(2) The petition shall be signed by persons who own real or personal property
in the service area of the proposed district having a valuation for assessment of not
less than fifty percent, or such greater amount as the governing body may provide
by ordinance, of the valuation for assessment of all real and personal property in
the service area of the proposed district and who own at least fifty percent, or such
greater amount as the governing body may provide by ordinance, of the acreage in
the proposed district. The petition shall set forth:

(a) The name of the proposed district, which shall include a descriptive name
and the words business improvement district;

(b) A general description of the boundaries and service area of the proposed
district;

(c) A general description of the types of services or improvements or both to
be provided by the proposed district;

(d) The names of three persons to represent the petitioners, who have the
power to enter into agreements relating to the organization of the district; and

(e) A request for the organization of the district.

(3) The petition shall be accompanied by a bond with security approved by
the governing body or a cash deposit sufficient to cover all expenses connected
with the proceedings in case the organization of the district is not effected. If at any
time during the organization proceedings the governing body determines that the
bond first executed or the amount of the cash deposited is insufficient in amount, it
may require the execution of an additional bond or the deposit of additional cash
within a time to be fixed, not less than ten days thereafter, and, upon failure of the
petitioners to file or deposit the same, the petition shall be dismissed.

Legislative History

Source: L. 88: Entire part added, p. 1130, � 1, effective May 6.