1. Each ordinance establishing a district shall set forth the term for the existence of such district which term may be defined as a minimum, maximum, or definite number of years, but in the case of districts established after August 28, 2021, the term shall not exceed twenty-seven years except as provided under subsection 6 of this section.
2. Upon receipt by the municipal clerk of a proper petition and after notice and a public hearing, any district may be terminated by ordinance adopted by the governing body of the municipality prior to the expiration of its term if the district has no outstanding obligations. A copy of such ordinance shall be given to the department of economic development.
3. A petition for the termination of a district is proper if:
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1. Each ordinance establishing a district shall set forth the term for the existence of such district which term may be defined as a minimum, maximum, or definite number of years, but in the case of districts established after August 28, 2021, the term shall not exceed twenty-seven years except as provided under subsection 6 of this section.
2. Upon receipt by the municipal clerk of a proper petition and after notice and a public hearing, any district may be terminated by ordinance adopted by the governing body of the municipality prior to the expiration of its term if the district has no outstanding obligations. A copy of such ordinance shall be given to the department of economic development.
3. A petition for the termination of a district is proper if:
(1) It names the district to be terminated;
(2) It has been signed by owners of real property collectively owning more than fifty percent by assessed value of real property within the boundaries of the district;
(3) It has been signed by more than fifty percent per capita of owners of real property within the boundaries of the district;
(4) It contains a plan for dissolution and distribution of the assets of the district; and
(5) The signature block signed by each petitioner is in the form set forth in subdivision (4) of subsection 2 of section 67.1421 .
4. The public hearing required by this section shall be held and notice of such public hearing shall be given in the manner set forth in section 67.1431 . The notice shall contain the following information:
(1) The date, time and place of the public hearing;
(2) A statement that a petition requesting the termination of the district has been filed with the municipal clerk;
(3) A statement that a copy of the petition is available at the office of the municipal clerk during regular business hours; and
(4) A statement that all interested parties will be given an opportunity to be heard.
5. Upon expiration or termination of a district, the assets of such district shall either be sold or transferred in accordance with the plan for dissolution as approved by ordinance. Every effort should be made by the municipality for the assets of the district to be distributed in such a manner so as to benefit the real property which was formerly a part of the district.
6. Prior to the expiration of the term of a district, a municipality may adopt an ordinance to extend the term of the existence of a district after holding a public hearing on the proposed extension. The extended term may be defined as a minimum, maximum, or definite number of years, but the extended term shall not exceed twenty-seven years. Notice of the hearing shall be given in the same manner as required under section 67.1431 , except the notice shall include the time, date, and place of the public hearing; the name of the district; a map showing the boundaries of the existing district; and a statement that all interested persons shall be given an opportunity to be heard at the public hearing.