§ 20-17. Dissolution of District.

(a) In general.

If the District is not approved as provided in § 20-15 of this subtitle, or is not renewed as provided in § 20-16 of this subtitle, the Association shall cease its operations related to the District, and the District shall cease to exist, at the end of the City's fiscal year in which the terminating event occurs.

(b) Dissolution by petition.

(1) During the operation of the District, there shall be a 30-day period each year in which assessed business owners may petition to dissolve the District.

(2) The first such 30-day request period shall begin on the second anniversary of the date of establishment of the District. Each successive anniversary of such date shall start the same 30-day period in which dissolution may occur.

(3) In order to dissolve the District, the assessed business owners shall follow a petition process matching the requirements set forth in § 20-15(a)(2) of this subtitle. Petitions, with signatures of assessed business owners or their duly authorized representatives, shall be returned to the Board of Estimates.

(4) the Board of Estimates shall certify that the District is approved for dissolution, if the Board of Estimates determines that at least:

(i) 66% of all assessed businesses within the District have submitted petitions in favor of the dissolution of the District; and

(ii) 66% of the total room count of all assessed business within the District have submitted petitions in favor of the dissolution of the District.

(5) Upon certification that the District is approved for dissolution, the Association shall cease its operations related to the District, and the District shall cease to exist, at the end of the City's fiscal year in which the certification occurs.

(1) If the City Council finds that there has been a misappropriation of funds, malfeasance, or violation of law in connection with the management of the District, the City Council shall hold one or more public hearings to consider the dissolution of the District.

(2) At the conclusion of the public hearings, the City Council may determine whether legislative action is necessary to dissolve the District.

(d) Limited continuation.

In the event of District dissolution described in subsections (a) or (b) of this section, the District Management Committee shall continue its existence only as long as necessary to:

(1) terminate operations related to the District in a reasonable fashion; and

(2) arrange for the refunding of all funds not needed to satisfy outstanding obligations and reserves for uncertain obligations and liabilities.

(e) Unspent funds.

Any unspent funds shall be refunded to the assessed business owners by applying the same method and basis that was used to calculate the District special assessments that were levied.