§ 31-25-1225 — Dissolution procedure

Colorado § 31-25-1225

• Jurisdiction: Colorado
• Title 31: Government
• Art.: Public Improvements

Text

Any district organized pursuant to this
part 12 may be dissolved after notice is given, publication is made, and a hearing is
held in the manner prescribed by sections 31-25-1206 and 31-25-1207. The
dissolution of the district may be initiated by filing in the office of the clerk of the
governing body either a petition signed by the persons described in section 31-25-1205 (2) or, in the case of a district which has not filed an operating plan and budget
as required by section 31-25-1211 for two years, a resolution of the governing body.
After hearing any protests against or objections to dissolution and if the governing
body determines that it is for the best interests of all concerned to dissolve the
district, it shall so provide by an effective ordinance, a certified copy of which shall
be filed in the office of the county clerk and recorder in each of the counties in
which the district or any part thereof is located. Upon such filing, the dissolution
shall be complete. However, no district shall be dissolved until it has satisfied or
paid in full all of its outstanding indebtedness, obligations, and liabilities or until
funds are on deposit and available therefor. Notwithstanding any other provision of
this section, upon petition of 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 district shall be prohibited from incurring any new or
increased financial obligations, shall impose its existing taxes, fees, and
assessments solely to meet any existing financial obligations, and shall be
dissolved as soon as the district has no outstanding financial obligations.

Legislative History

Source: L. 88: Entire part added, p. 1143, � 1, effective May 6. L. 91: Entire section amended, p. 762, � 8, effective May 20.