Arkansas Code Title 14. Local Government § 14-184-130. Continuation in perpetuity until dissolution

(1) A majority of the board of commissioners and a majority in value of the owners of real property in the district may petition the governing body for the dissolution of the district; or

(2) The owners of real property in the district comprising two-thirds ( 2/3 ) in value of the real property may petition the governing body for the dissolution of the district;

(3) Upon the filing with the clerk or recorder of the municipality in which the district is located of a petition in accordance with subdivision (1) or (2) of this subsection, it shall then be the duty of the governing body to adopt an appropriate ordinance dissolving the district and providing for the distribution of its assets.

(b)(1) If practicable, all funds of the district remaining after the payment of any outstanding indebtedness shall be distributed pro rata to the owners of real property within the district in proportion to the assessment of benefits as it appears according to the most recent reassessment of them; otherwise, funds which cannot be practicably refunded shall be paid to the municipality in which the district is located for its general account.

(2) Title to all personal property owned by the district and title to all real property, improvements, easements, and other rights constructed or acquired by the district shall, unless otherwise provided in any conveyance, easement, or grant of right, pass to the municipality in which the district is located.