A. Upon petition by twenty-five percent (25%) of the electors of a district, the board shall call a special election to determine whether the district should be dissolved and a settlement of its financial obligations made.
B. The election shall be conducted as provided by the bylaws of the district. If the electors vote to dissolve the district, the board shall immediately notify all persons having claims against the district of the result of such election and shall adjust, settle and pay all claims.
C. If the amount realized from the sale of district property, together with other money of the district, is insufficient to pay the indebtedness of the district, assessments shall continue to be made against the land in the district until all obligations are paid.
D. Within thirty (30) days after all the property of the district has been disposed of and all of its obligations have been paid, the board shall file a certificate of dissolution in the office of the county clerk of each county in which the district is located, and in the office of the Oklahoma Water Resources Board. The certificate shall be signed by the president and attested by the secretary-treasurer, with the seal of the district affixed. The certificate shall state that the district has disposed of its property, has been dissolved and shall describe the lands released from the district.
Laws 1973, c. 179, § 18, emerg. eff. May 16, 1973; Laws 1992, c. 69, § 18, emerg. eff. April 13, 1992.