48-1522 - Arizona Statutes

48-1522. Procedure to dissolve district; disposition of assets A. When a majority of the bona fide owners of land in a power district organized under this chapter petition the board of supervisors to call a special meeting for the purpose of submitting to the electors of the power district a proposition to vote on the dissolution of the power district, setting forth in the petition that all indebtedness of every nature whatever has been fully satisfied and paid, the board of supervisors, if it is satisfied that all indebtedness has been fully satisfied, shall call an election to decide the question of the proposed dissolution. The election shall be called, held, conducted and the results determined in the same manner as the election for the organization of the district. B. If the result of the election is in favor of dissolution, the board of supervisors shall make and record in its minutes an order dissolving the district. The board of supervisors shall certify and record the order in the same places and manner and with like effect as orders made, entered, certified and recorded affecting the organization of the district. C. If a power district is dissolved as provided by this section, the board of directors of the district in office at the time of dissolution shall assume control of all assets of the district, including all its rights and works, and shall control and manage them until the electors of the district organize and take over control and management thereof.