Arizona Revised Statutes Title 48. Special Taxing Districts § 48-6819. Dissolution of district

A. The district may be dissolved by the district board by a resolution of the district board if the following conditions exist:

B. The district board shall comply with the conditions prescribed by subsection A and shall dissolve the district if both of the following occur:

C. The district board may call such an election and shall call such an election if requested to do so in a petition signed by ten per cent of the property owners of the district.

D. The election shall be called and held in the same manner as an assessment levy election, except that the ballot shall contain the words “dissolution, yes” and “dissolution, no”.

E. All property in the district, except federal, state, county and municipal property, remains subject to the lien for the payment of ad valorem taxes levied, and any property subject to a special assessment lien remains subject to the lien notwithstanding dissolution of the district. The district may not be dissolved if any revenue or assessment bonds of the district remain outstanding unless an amount of money sufficient, together with investment income thereon, to make all payments due on the revenue bonds either at maturity or prior redemption has been deposited with a trustee or escrow agent and pledged to the payment and redemption of the bonds. The district may continue to operate after dissolution only as needed to collect money and make payments on any outstanding bonds.

F. If a proposal for dissolution is approved and the district is an Arizona state retirement system employer before the dissolution, the governing body of the district shall notify the director of the Arizona state retirement system of the dissolution.