KRS 262.560: Board to terminate affairs of discontinued district -- Certification of

discontinuance.

Upon receipt from the commission of a certification that the commission has determined

that the continued operation of the district is not administratively practicable and feasible,

the board shall forthwith proceed to terminate the affairs of the district. The board shall

dispose of all property belonging to the district at public auction and shall pay the

proceeds of the sale into the State Treasury. The board sha ll file a verified application

with the Secretary of State for the discontinuance of the district, and shall transmit with

the application the certificate of the commission setting forth the determination of the

commission that the continued operation of t he district is not administratively practicable

and feasible. The application shall recite that the property of the district has been disposed

of and the proceeds paid over as provided in this section, and shall set forth a full

accounting of such properties and proceeds of the sale. The Secretary of State shall issue

to the board a certificate of dissolution and shall record a copy of the certificate in his

office.