Section 308.25 - Airport development districts - dissolution(A) An airport development district exists until it is dissolved under this section. The process for dissolving an airport development district or repealing a development plan may be initiated by a petition filed with the board of directors of the district and signed by the owners of at least twenty per cent of the collective number of parcels of real property and businesses that are subject to development charge agreements.(B) The board of directors of the district shall organize and hold a meeting to consider the petition not later than forty-five days after it is filed. The board shall notify each owner of property or a business that is subject to a development charge agreement of the time, place, and subject of the meeting at least two weeks before the meeting is held. Upon the affirmative vote of the owners of at least fifty per cent of the collective number of parcels and businesses subject to a development charge agreement, the district shall be dissolved, or the plan shall be repealed, as applicable. The dissolution of a district shall not be finalized until all debts and obligations of the district are paid in full.(C) No rights or obligations of any person under any contract shall be affected by the dissolution of the district or the repeal of a development plan, except with the consent of that person or by order of a court with jurisdiction over the matter. Upon dissolution of a district, any assets or rights of the district, after payment of all obligations of the district, shall be returned to the property and business owners, prorated to reflect the amount of development charges collected on the owner's property in the preceding twelve months.(D) Once the property and business owners have approved the repeal of a development plan, all obligations of the district associated with the plan shall be paid. Thereafter, the plan shall be repealed. Added by 133rd General Assembly, SB 259,§1, eff. 4/12/2021.