KRS 91A.580: Management district boundary change -- District renewal or dissolution --

Disposal 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 91A.550 to 91A.5 80 for

the establishment of the management district.

(2) The management district may be renewed for subsequent periods, not to exceed five

(5) years, by the legislative body. Prior to such renewal, the board shall prepare an

economic improvement plan for t he renewal period. The ordinance establishing the

management district may provide for automatic renewals if the economic

improvement plan is prepared for the renewal period. The management district shall

not be renewed if a petition is received that objects to the renewal and is signed by a

number of real property owners, who together are the owners of real property equal

to at least fifty -one percent (51%) of the assessed value of property within the

management district.

(3) The management district shall b e dissolved by the legislative 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 fifty -one percent (51%) or more of the

properties within the proposed district and w ho are the owners of real property

within the management district equal to at least fifty -one percent (51%) of the

assessed value of the property within the management district.

(4) If a management district is terminated or not renewed for a subsequent per iod, 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, the city shall by ordinance provide for:

(a) The return of any exce ss funds to the owners of properties in amounts

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

(b) Use of the excess funds for continued provision of the 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.