Arizona Revised Statutes Title 48. Special Taxing Districts § 48-5709. Dissolution of agriculture preservation district; disposition of property; tax for outstanding indebtedness

A. A district that is established under this article and that has no outstanding indebtedness may be dissolved on:

B. If a majority of the votes cast at the election favors dissolution, the board by resolution shall declare the district dissolved. Within fifteen days after its adoption, a certified copy of the resolution shall be filed with the clerk of the board of supervisors of the county in which the district was located.

C. On dissolution of a district the property of the district that is located in the corporate limits of a city or town vests in that city or town. Other property of the district vests in the county. Any monies of the district at the time of dissolution shall be transferred to the incorporated city or town and to the county in direct proportion to the assessed valuation of taxable real property in the city, town or county, respectively, as it appears on the current assessment rolls.

D. After dissolution of a district, if it appears that any indebtedness remains unpaid, the board of supervisors of the county in which the district was located shall levy a tax on the real property in the district sufficient to pay the indebtedness and interest on the indebtedness and shall pay the indebtedness and interest from the proceeds of the tax.