<br><br>91A.580 Management district boundary change -- District renewal or dissolution -- <br>Disposal of excess funds. <br>(1) The boundaries of the management district may be changed at any time by the <br>legislative body in the same manner as provided in KRS 91A.550 to 91A.580 for <br>the establishment of the management district. <br>(2) The management district may be renewed for subsequent periods, not to exceed five <br>(5) years, by the legislative body. Prior to such renewal, the board shall prepare an <br>economic improvement plan for the renewal period. The ordinance establishing the <br>management district may provide for automatic renewals if the economic <br>improvement plan is prepared for the renewal period. The management district shall <br>not be renewed if a petition is received that objects to the renewal and is signed by a <br>number of real property owners, who together are the owners of real property equal <br>to at least fifty-one percent (51%) of the assessed value of property within the <br>management district. <br>(3) The management district shall be dissolved by the legislative body upon the receipt <br>of a petition requesting dissolution that is signed by a number of real property <br>owners who together are the owners of fifty-one percent (51%) or more of the <br>properties within the proposed district and who are the owners of real property <br>within the management district equal to at least fifty-one percent (51%) of the <br>assessed value of the property within the management district. <br>(4) If a management district is terminated or not renewed for a subsequent period, and <br>after the payment of all obligations and costs of administration incurred on behalf of <br>the management district, there remain excess funds from assessments paid by <br>property owners, the city shall by ordinance provide for: <br>(a) The return of any excess funds to the owners of properties in amounts <br>proportionate to the amounts of the assessments they paid for the district; or <br>(b) Use of the excess funds for continued provision of the economic <br>improvements until the excess funds are fully spent; or <br>(c) Use of part of the excess funds for continued provision of economic <br>improvements and return of the balance of the excess funds in proportionate <br>amounts to affected property owners. <br>History: Created 1990 Ky. Acts ch. 226, sec. 7, effective July 13, 1990. <br><br>