Massachusetts General Laws ch. 40O sec. 10 – Dissolution
Section 10. A BID may be dissolved by petition to the local municipal governing body and a subsequent decision by such governing body to authorize dissolution.
Terms Used In Massachusetts General Laws ch. 40O sec. 10
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
In order to be considered by the local municipal governing body, a petition to dissolve a BID shall contain the signatures of the owners of at least fifty-one percent of the assessed valuation within the district or at least fifty-one percent of the real property owners within the district.
The local municipal governing body shall hold a public hearing within thirty days of receipt of a completed petition on the issue of dissolution.
Following the public hearing, the local municipal governing body may declare the BID dissolved; provided, however, that no BID shall be dissolved until it has satisfied or paid in full all of its outstanding indebtedness, obligations, and liabilities; or until funds are on deposit and available therefor; or until a repayment schedule has been formulated and municipally approved therefor. In addition, the BID shall be prohibited from incurring any new or increased financial obligations.
Any liabilities, either current or future, incurred as a result of action to accomplish the purposes of the BID improvement plan shall not be an obligation of the municipality, but said liabilities shall be paid for entirely from revenue gained from the project or facilities authorized, or from the fees on the properties in the BID.
Upon the dissolution of a BID, any remaining revenues derived from the sale of assets acquired with fees collected shall be refunded to the property owners in the BID in which fees were charged by applying the same formula used to calculate the fee in the fiscal year in which the BID is dissolved.