In dissolution proceedings, the city council may dispense with the resolution and report required by Article V of this chapter and may initiate dissolution proceedings by the adoption of the resolution of intention. The city council may dispense with any otherwise required notice of hearing. If the city council orders the dissolution of the Franklin Villa assessment district, any moneys in the fund shall first be used to pay all obligations and costs of administration incurred on behalf of the district. Thereafter, the city shall return all remaining district funds to the owners of the assessed properties in amounts proportionate to the amounts of assessments they paid for the district. (Prior code § 86.07.740)