{"data":{"id":"us-ky/krs-91a.580","jurisdiction":"us-ky","citation":"KRS 91A.580","heading":"Management district boundary change -- District renewal or dissolution --","body":"Disposal of excess funds.\n(1) The boundaries of the management district may be changed at any time by the\nlegislative body in the same manner as provided in KRS 91A.550 to 91A.5 80 for\nthe establishment of the management district.\n(2) The management district may be renewed for subsequent periods, not to exceed five\n(5) years, by the legislative body. Prior to such renewal, the board shall prepare an\neconomic improvement plan for t he renewal period. The ordinance establishing the\nmanagement district may provide for automatic renewals if the economic\nimprovement plan is prepared for the renewal period. The management district shall\nnot be renewed if a petition is received that objects to the renewal and is signed by a\nnumber of real property owners, who together are the owners of real property equal\nto at least fifty -one percent (51%) of the assessed value of property within the\nmanagement district.\n(3) The management district shall b e dissolved by the legislative body upon the receipt\nof a petition requesting dissolution that is signed by a number of real property\nowners who together are the owners of fifty -one percent (51%) or more of the\nproperties within the proposed district and w ho are the owners of real property\nwithin the management district equal to at least fifty -one percent (51%) of the\nassessed value of the property within the management district.\n(4) If a management district is terminated or not renewed for a subsequent per iod, and\nafter the payment of all obligations and costs of administration incurred on behalf of\nthe management district, there remain excess funds from assessments paid by\nproperty owners, the city shall by ordinance provide for:\n(a) The return of any exce ss funds to the owners of properties in amounts\nproportionate to the amounts of the assessments they paid for the district; or\n(b) Use of the excess funds for continued provision of the economic\nimprovements until the excess funds are fully spent; or\n(c) Use of part of the excess funds for continued provision of economic\nimprovements and return of the balance of the excess funds in proportionate\namounts to affected property owners.","path":["KRS Chapter 91A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=25606","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:50Z","sha256":"abe6f551833813eb2af8c30a0972ec45012cb5bcadec10f6a4e1b2bcc1f96933","source_id":"us-ky","stale":false,"prev":"us-ky/krs-91a.575","next":"us-ky/krs-92.010"},"notice":"GroundRules: Original legal text. Not legal advice."}