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8.A. - Page 21 <br /> ATTACHMENT 2 <br /> transferred to the renewed district. If the renewed district includes additional parcels <br /> or businesses not included in the prior district, the remaining revenues shall be spent <br /> to benefit only the parcels or businesses in the prior district. If the renewed district <br /> does not include parcels or businesses included in the prior district, the remaining <br /> revenues attributable to these parcels shall be refunded to the owners of these parcels <br /> or businesses. <br /> (c) Upon renewal, a district shall have a term not to exceed 10 years, or, if the district is <br /> authorized to issue bonds, until the maximum maturity of those bonds. There is no <br /> requirement that the boundaries, assessments, improvements, or activities of a <br /> renewed district be the same as the original or prior district. <br /> Disestablishment <br /> 36670. (a) Any district established or extended pursuant to the provisions of this part, where <br /> there is no indebtedness, outstanding and unpaid, incurred to accomplish any of the <br /> purposes of the district, may be disestablished by resolution by the city council in either <br /> of the following circumstances: <br /> (1)If the city council finds there has been misappropriation of funds, malfeasance, or a <br /> violation of law in connection with the management of the district, it shall notice a <br /> hearing on disestablishment. <br /> (2)During the operation of the district, there shall be a 30-day period each year in <br /> which assessees may request disestablishment of the district. The first such period shall <br /> begin one year after the date of establishment of the district and shall continue for 30 <br /> days. The next such 30-day period shall begin two years after the date of the <br /> establishment of the district. Each successive year of operation of the district shall have <br /> such a 30-day period. Upon the written petition of the owners or authorized <br /> representatives of real property or the owners or authorized representatives of <br /> businesses in the area who pay 50 percent or more of the assessments levied, the city <br /> council shall pass a resolution of intention to disestablish the district. The city council <br /> shall notice a hearing on disestablishment. <br /> (b) The city council shall adopt a resolution of intention to disestablish the district prior <br /> to the public hearing required by this section. The resolution shall state the reason for <br /> the disestablishment, shall state the time and place of the public hearing, and shall <br /> contain a proposal to dispose of any assets acquired with the revenues of the <br /> assessments levied within the property and business improvement district. The notice <br /> of the hearing on disestablishment required by this section shall be given by mail to the <br /> property owner of each parcel or to the owner of each business subject to assessment in <br /> the district, as appropriate. The city shall conduct the public hearing not less than 30 <br /> days after mailing the notice to the property or business owners. The public hearing <br /> shall be held not more than 60 days after the adoption of the resolution of intention. <br /> 36671. (a)Upon the disestablishment or expiration without renewal of a district, any <br /> remaining revenues, after all outstanding debts are paid, derived from the levy of <br /> assessments, or derived from the sale of assets acquired with the revenues, or from <br /> bond reserve or construction funds, shall be refunded to the owners of the property or <br /> businesses then located and operating within the district in which assessments were <br /> levied by applying the same method and basis that was used to calculate the <br /> Page 11 of 12 <br />