KRS 91.762: Change of boundaries -- Dissolution -- Disposition of excess funds.

(1) The boundaries of the management district may be changed at any time by the

legislative body in the same manner as provided in KRS 91.750 to 91.762 for the

establishment of the management district.

(2) The management district shall be dissolved by the legi slative body upon the receipt

of a petition requesting dissolution that is signed by a number of real property

owners who together are the owners of real property within the management district

equal to at least fifty and one -tenth percent (50.1%) of the a ssessed value of the

property and thirty-three percent (33%) of the number of property owners within the

management district, except that a management district shall not be dissolved if the

district has any outstanding indebtedness.

(3) If a management district is to be dissolved, and after the payment of all obligations

and costs of administration incurred on behalf of the management district, there

remain excess funds from assessments paid by property owners, then the city,

consolidated local government, or urban-county, by ordinance, shall provide for:

(a) The return of the excess funds to the owners of properties in amounts

proportionate to the amounts of the assessments they paid for the district;

(b) Use of the excess funds for continued provision of t he economic

improvements until the excess funds are fully spent; or

(c) Use of part of the excess funds for continued provision of economic

improvements and return of the balance of the excess funds in proportionate

amounts to affected property owners.