19-2786g.   Same; disorganization of district, when; procedure;outstanding bonds; surplus fund, disposition.Any improvement district organized under the act of which this act isamendatory which has not elected officers at its last statutory requiredelection time and has not operated or functioned as an improvement districtfor a period of at least one (1) year from such statutory election time,may be disorganized by an order of the board of county commissioners of thecounty in which such improvement district is located. Notice of suchproposed action shall be given by publication in the official county paperonce a week for three (3) consecutive weeks. Such disorganization of anyimprovement district shall in no way affect any outstanding bonds issuedfor payment of the cost of improvements made by such disorganizedimprovement district, and the county clerk and county treasurer shallcontinue to provide for and collect all taxes necessary to pay off anyoutstanding bonds and the interest thereon as they mature. Any moneyremaining in any fund of said improvement district after the payment of allbonds and interest and all debts of such district shall be credited to thegeneral fund of the county in which such improvement district was located.

      History:   L. 1959, ch. 139, § 12; L. 1974, ch. 122, § 20; March 18.