2013 Kentucky Revised Statutes CHAPTER 91 - FINANCE AND REVENUE OF CITIES OF THE FIRST CLASS 91.762 Change of boundaries -- Dissolution -- Disposition of excess funds.
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91.762 Change of boundaries -- Dissolution -- Disposition of excess funds.
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The boundaries of the management district may be changed at any time by the
legislative body in the same manner as provided in KRS 91.750 to 91.762 for
the establishment of the management district.
The management district shall be dissolved by the legislative body upon the
receipt of a petition requesting dissolution that is signed by a number of real
property owners who together are the owners of real property within the
management district equal to at least fifty and one-tenth percent (50.1%) of the
assessed value of the property and thirty-three percent (33%) of the number of
property owners within the management district, except that a management
district shall not be dissolved if the district has any outstanding indebtedness.
If a management district is to be dissolved, and after the payment of all
obligations and costs of administration incurred on behalf of the management
district, there remain excess funds from assessments paid by property owners,
then the city, consolidated local government, or urban-county, by ordinance,
shall provide for:
(a) The return of the excess funds to the owners of properties in amounts
proportionate to the amounts of the assessments they paid for the district;
(b) Use of the excess funds for continued provision of the economic
improvements until the excess funds are fully spent; or
(c) Use of part of the excess funds for continued provision of economic
improvements and return of the balance of the excess funds in
proportionate amounts to affected property owners.
Effective:July 12, 2006
History: Amended 2006 Ky. Acts ch. 47, sec. 4, effective July 12, 2006. -Amended 2005 Ky. Acts ch. 119, sec. 7, effective June 20, 2005. -- Amended
1996 Ky. Acts ch. 123, sec. 7, effective July 15, 1996. -- Created 1990 Ky. Acts
ch. 297, sec. 7, effective July 13, 1990.
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