(1) Each district established pursuant to this part must be dissolved by the governing bodies of the host municipality no later than thirty (30) years from the date that the last assessment is first levied, or if earlier, immediately upon one (1) of the following occurring:(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; provided, that dissolution must not occur prior to the payment in full and discharge of debt obligations secured by special assessment revenues of 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.
(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; provided, that dissolution must not occur prior to the payment in full and discharge of debt obligations secured by special assessment revenues of 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.