Sec. 13. (a) In an election held under this chapter, if a majority of the freeholders of the smaller district votes to dissolve the smaller district, not later than sixty (60) days after the election, as the final action of the board of directors of the smaller district, the board shall:
(1) make a full and final accounting to the court having supervisory jurisdiction over the smaller district; and
(2) file all records of the smaller district with the court.
(b) If the smaller district's board of directors fails to timely comply with subsection (a), the court having supervisory jurisdiction over the smaller district shall order the board to comply or suffer a finding of contempt of court.
(c) The larger district shall take custody and control of the smaller district's operations, obligations, and assets on the earlier of:
(1) the date the smaller district's board of directors complies with subsection (a)(1); or
(2) the sixtieth day after the election.
(d) The larger district is directly responsible for payment of the smaller district's bonds or notes outstanding upon the larger district taking custody and control of the smaller district's operations, obligations, and assets.
(e) When the smaller district's board of directors complies with subsection (a), the court shall issue an order:
(1) dissolving the smaller district; and
(2) discharging the board of directors of the smaller district.
As added by P.L.189-2005, SEC.7. Amended by P.L.84-2016, SEC.79.