Dissolution of districts

Each district established pursuant to this part must be dissolved by the governing bodies of the host municipalities immediately upon: (1) Written petition filed by the owners of either seventy-five percent (75%) of the assessed value of the property in the district, based on the most recent certified city property tax rolls, or fifty percent (50%) of the owners of record within the district; or (2) The payment and discharge of all outstanding bonds, notes, or other obligations payable solely from the special assessment revenues levied on the property within the district; provided, that dissolution must not occur prior to the payment in full and discharge of such debt obligations. Added by 2024 Tenn. Acts, ch. 860,s 1, eff. 5/1/2024. Each district established pursuant to this part must be dissolved by the governing bodies of the host municipalities immediately upon: (1) Written petition filed by the owners of either seventy-five percent (75%) of the assessed value of the property in the district, based on the most recent certified city property tax rolls, or fifty percent (50%) of the owners of record within the district; or (2) The payment and discharge of all outstanding bonds, notes, or other obligations payable solely from the special assessment revenues levied on the property within the district; provided, that dissolution must not occur prior to the payment in full and discharge of such debt obligations. Added by 2024 Tenn. Acts, ch. 860,s 1, eff. 5/1/2024.