Proceedings to disestablish the area shall be initiated by the city council following presentation of a petition to the city council signed by business owners paying fifty percent (50%) or more of the assessments levied in the area. Proceedings to disestablish the area shall follow the procedure set forth in Streets and Highways Code section 36550. The city council shall disestablish the area if, following the public hearing prescribed in section 36550(b), written protests are not withdrawn as to reduce the protests below the fifty percent (50%) level.
In the event of disestablishment of the area, remaining revenues of the area shall be refunded to paying business owners in a pro rata manner calculated in the same manner as was used to establish the most recent assessments applied in the area. (Ord. 1558, 4-13-1999)