46A-14-82. Dissolution of district--Federal project not certified infeasible--Special election--Percent required to dissolve--Notice to creditors--Auction--Proration of funds remaining.
If sixty percent of the votes cast under the provisions of §46A-14-81 are for dissolution, the managers shall immediately notify all persons having claims against the district in whatever form they may exist. The real and personal property of the district shall be sold by auction to the highest bidder, as directed by the managers. After all obligations have been met, the remaining funds, if any, shall be prorated back to the landowners in proportion to their last year of assessment.
Source: SL 1957, ch 492, §34; SL 1959, ch 452, §28; SDC Supp 1960, §61.1534; SDCL, §46-24-81; SL 1980, ch 312, §3; SL 1988, ch 367, §4.