A proposed ordinance of early termination shall do all of the following:
(1) State the name of the district;
(2) Describe the boundaries of the district;
(3) Identify the proposed early termination date of the district;
(4) Give a narrative justification for the proposed early termination;
(5) With respect to the debt service on bonds issued for the district:
(A) Specify the method by which the debt service will be fully paid before the early termination of the district; or
(B) Establish a trust or other fund in the city treasury with a balance sufficient to pay the debt service outstanding after the early termination of the district; and
(6) With respect to incidental expenses accrued for the district:
(A) Guarantee the payment of the incidental expenses before the early termination of the district; or
(B) Establish a method by which incidental expenses, if any, will be paid after the early termination of the district.
(1990 Code, Ch. 34, Art. 5, § 34-5.5) (Added by Ord. 96-18)