§ 4387 — Dissolution of tax lagoon

After a duly called meeting of the taxables at which a majority of all eligible votes have been cast in favor of dissolving a tax lagoon created under this chapter, the lagoon managers shall prepare a petition requesting such dissolution to the Superior Court through the Division of Watershed Stewardship. If the tax lagoon has operated for at least 10 years and if the Division of Watershed Stewardship is of the opinion that the dissolution of such tax lagoon is in the public interest, it shall file the petition therefor, together with the recommendations of the Division of Watershed Stewardship in the office of the prothonotary of the county in which the original lagoon order was issued. After a petition for dissolution has been so filed, the Superior Court shall issue an order dissolving the tax lagoon. No such order of dissolution shall be issued unless and until all obligations of the tax lagoon have been paid in full and all commitments of the tax lagoon have been fulfilled.

Legislative History

73 Del. Laws, c. 389, § 1 ; 77 Del. Laws, c. 430, § 53