(a) A district may be abolished by the governing body of the municipality following a public hearing upon the proposed abolishment. Notice of such hearing must be provided by first class mail to all property owners within the district and shall be published as a Class I-O legal advertisement in compliance with article three, chapter fifty-nine of this code at least twenty days prior to the public hearing. Upon the abolishment of any improvement district, any funds or other assets, contractual rights or obligations, claims against holders of indebtedness or other financial benefits, liabilities or obligations existing after full payment has been made on all existing contracts, bonds, notes or other obligations of the district, shall be transferred to the municipality. Any funds or other assets so transferred shall be used for the benefit of the area included in the improvement district being abolished.
(b) Notwithstanding any other provision of this article, no business improvement district may exist for a period exceeding ten years unless reinstated pursuant to the provisions of this article. Reinstatement requires compliance with all requirements and procedures set forth herein for the initial development and establishment of a district. No district may issue notes or bonds for funding district projects or improvements that exceed a repayment schedule of ten years. Upon the dissolution of any business improvement district, any funds or other assets, contractual rights or obligations, claims against holders of indebtedness, or other financial benefits, liabilities or obligations existing after full payment has been made on all contracts, bonds, notes or other obligations of the district, shall be transferred to the municipality. Any funds or other assets so transferred shall be used for the benefit of the area included in the improvement district being dissolved.
Structure West Virginia Code
Chapter 8. Municipal Corporations
Article 13A. Business Improvement Districts
§8-13A-2. Legislative Findings and Declaration of Purpose
§8-13A-6. Petition to Initiate the Procedure for Organization, Development and Designation
§8-13A-7. Appointment of Planning Committee, Issuance of Report
§8-13A-9. Creation of District; Statement of Prohibition on Use of Fees
§8-13A-10. Petition to Repeal Ordinance
§8-13A-11. District Board; Duties
§8-13A-12. Levy of Service Fees; Classification of Properties; Factors to Consider
§8-13A-13. Special Business Improvement District Fund
§8-13A-14. Modification of Included Area; Notice; Hearing
§8-13A-15. Abolishment and Dissolution of District; Notice; Hearing