(a) Except as provided in subsection (b), if the council determines that the public convenience and necessity will be promoted by terminating a district before the expiration of the term specified in the applicable ordinance of formation, the council may approve an ordinance of early termination. The council shall have the full discretion to commence proceedings for the early termination of a district when deemed appropriate. The receipt of a petition under § 27-5.3 shall not require or obligate the council to commence the proceedings.
(b) The council shall not approve an ordinance of early termination for a district, unless provisions are included to assure the payment of the following from the special taxes or accumulated reserves of the district:
(1) All outstanding debt service on bonds issued for the district; and
(2) All outstanding incidental expenses accrued for the district.
(c) An ordinance of early termination of a district shall amend the term of the district as specified in the ordinance of formation.
(1990 Code, Ch. 34, Art. 5, § 34-5.2) (Added by Ord. 96-18)