Any maintenance benefit area may be dissolved by the city council. The city council upon its own motion may adopt a resolution declaring its intention to dissolve the maintenance benefit area and may fix a time for a hearing upon such dissolution. In the alternative, a petition purporting to be signed by the owner or owners of property within the maintenance benefit area sufficient to constitute a majority protest may be filed with the city clerk requesting the dissolution of the maintenance benefit area. Said petition shall be filed not later than seventy-five (75) days prior to the end of the current fiscal year of the city unless the petitioner requests the maintenance benefit area be dissolved at the earliest date for date of dissolution of the maintenance benefit specified in a finding described in Section 3.128.420 of this chapter in which event the petition must be filed not later than seventy-five (75) days prior to that date. (Prior code § 55.06.601)