§ 37-45-152 — Winding up and dissolution - order entered

(1) In the event the
vote is for dissolution, any qualified signer of the petition for the election, or the
board of directors of such district may, within such time as may be fixed by the
court, present a written plan for the winding up of the affairs of the district. Such
plan may specify that the affairs of the district be wound up by the board of
directors of the district or by a receiver appointed by the court for that purpose. On
a day fixed by the court, the court shall consider such plan and shall enter an order
establishing therefrom a plan for the winding up of such affairs. The court shall
retain continuing jurisdiction to modify such plan from time to time and shall
supervise such winding up.

(2) If no such plan is presented on or before the day set by the court, the
court shall appoint a receiver to wind up the affairs of the district under the court's
supervision. Upon the appointment of any receiver all authority of the board of
directors of the district shall terminate; except that its authority to levy taxes for
the payment of the obligations of the district and the costs of winding up shall
continue until the district is dissolved. Such board shall levy taxes within the limits
imposed by this article sufficient to pay expeditiously such obligations and costs,
and, if a receiver has been appointed, all tax collections shall be delivered to such
receiver.

(3) When it appears to the satisfaction of the court that all obligations of the
district have been discharged, and the costs of winding up the districts paid, such
court shall enter an order dissolving the district, and a certified copy of such order
shall be recorded by the clerk of the court in all counties in which the district may
be situate. All funds remaining in the hands of such receiver or board of directors
after such dissolution shall be divided among the counties comprising any part of
such district in proportion to the total valuation of taxable property in such county
within the boundaries of such district, as determined by the tax roll of such counties
in the treasurer's hands, for the calendar year preceding the year in which such
dissolution occurs, and said receiver or members of the board of directors shall
thereupon be discharged by the court.

Legislative History

Source: L. 57: p. 888, � 1. CRS 53: � 149-6-50. C.R.S. 1963: � 150-5-50.