DISSOLUTION

(a) The board shall dissolve the district on written petition filed with the board by the owners of: (1) 66 percent or more of the assessed value of the property subject to assessment by the district based on the most recent certified county property tax rolls; or (2) 66 percent or more of the surface area of the district, excluding roads, streets, highways, utility rights-of-way, other public areas, and other property exempt from assessment by the district according to the most recent certified county property tax rolls. (b) The board by majority vote may dissolve the district at any time. (c) The city may dissolve the district at any time if: (1) the development agreement has been executed; and (2) the district's performance under the agreement has been fulfilled, including any right or obligation the district has to reimburse a developer or owner for the costs of an improvement project. (d) If the district is dissolved, the board shall transfer ownership of all district property to the city. (e) The district may not be dissolved if the district: (1) has any outstanding debt until that debt has been repaid or defeased in accordance with the order or resolution authorizing the issuance of the debt; (2) has a contractual obligation to pay money until that obligation has been fully paid in accordance with the contract; or (3) owns, operates, or maintains public works, facilities, or improvements unless the district contracts with another person for the ownership and operation or maintenance of the public works, facilities, or improvements. (f) Subchapter M, Chapter 375, Local Government Code, does not apply to the district.