Sec. 5. The court may not dissolve a district if the district has bonds or notes outstanding. If the court finds that the activities of the district should cease, the court shall order the district to function only for the purpose of:
(1) certifying necessary assessments or taxes; and
(2) collecting the assessments and taxes;
to pay off the financial obligations of the district. When all financial obligations are paid, the court may order the district dissolved.
[Pre-1995 Recodification Citation: 13-3-3-97(a).]
As added by P.L.1-1995, SEC.26.