§ 411-603. Dissolution of District
(a) Upon a vote by a two-thirds majority of the Board of Supervisors present and representing a quorum at a regular or special meeting of the Board, or upon a vote by a majority of the legal voters of the District at an annual or special meeting of the District duly warned for such purpose, the Board shall prepare a plan of dissolution for submission to the voters of the District at an annual or special meeting of the District. At such time as the voters of the District shall, by a two-thirds majority of those legal voters voting thereupon, vote to dissolve the District, then the District shall cease to conduct its affairs except insofar as may be necessary to complete the plan of dissolution and to conclude its affairs. The Board of Supervisors shall cause a notice of the plan of dissolution to be mailed to each known creditor of the District and to the Vermont Secretary of State.
(b) The plan of dissolution shall:
(1) Identify and value all assets of the District;
(2) Identify all liabilities of the District, including contractual obligations;
(3) Specify how the assets of the District shall be liquidated and how the liabilities and obligations of the District shall be paid, including the terms and conditions of all assessments to be made against the District's member municipalities;
(4) Specify how any assets of the District remaining after payment of all the financial obligations of the District will be distributed among the member municipalities, which distribution shall be in accordance with the same formula utilized in apportioning the costs of the District among the member municipalities.
(c) When the plan of dissolution has been fully implemented, the Board shall certify that fact to the legislative bodies of all the member municipalities, whereupon this agreement and the District shall be terminated.