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(1) Regardless of when a project area funds collection period ends, the project area remains in existence until:
(a) the agency adopts a resolution dissolving the project area; and
(b) the community legislative body adopts an ordinance dissolving the project area.
(2) The ordinance described in Subsection (1)(b) shall include:
(a) the name of the project area; and
(b) a project area map or boundary description.
(3) Within 30 days after the day on which the community legislative body adopts an ordinance described in Subsection (1)(b), the community legislative body shall:
(a) submit a copy of the ordinance to the county recorder of the county in which the dissolved project area is located; and
(b) mail or electronically submit a copy of the ordinance to the county auditor, the State Tax Commission, the State Board of Education, and each taxing entity that levies or imposes a tax on property within the dissolved project area.