9-132 - Arizona Statutes

9-132. Disincorporation Upon petition of two-thirds of the qualified electors residing within a city or town located in more than one county, the boards of supervisors of the respective counties, meeting in joint session may disincorporate the city or town, and appoint a trustee with authority to terminate the affairs of the corporation, sell and convey its property, real and personal, pay the debts of the city or town and deposit the surplus of the proceeds of the property in the county treasury to be there disposed of for the improvement of roads in the vicinity in which the city or town is situated. Such proceeds shall be distributed by the trustee to the respective counties in the proportion that the population of the city or town within each county bore to the total population of the city or town, according to the most recent regular or special federal census.