(a) When abolition allowed. The district council may abolish a waterways improvement district after determining that the waterways improvement project for the district has been completed, the costs incurred in constructing or implementing the project have been paid, and there are no loans outstanding for the project. Before the abolition of a district, the unexpended funds remaining in a district-wide account for the district shall be refunded to each current property owner in the district in an amount proportional to the amount received.
(b) Continuance for purposes of expansion, maintenance, or repair. Instead of abolishing a waterways improvement district, the district council may continue the existence of the district for the purposes of expanding, maintaining, or repairing the project. Funds for expansion, maintenance, or repair of a project shall be provided in accordance with §§ 4-7-101(h) and 4-7-403.
(1985 Code, Art. 6, §§ 4-109, 4-110) (Bill No. 3-06)