Upon petition of two-thirds of the qualified electors residing within a city or town located in more than one county, the boards of supervisors of the respective counties, meeting in joint session may disincorporate the city or town, and appoint a trustee with authority to terminate the affairs of the corporation, sell and convey its property, real and personal, pay the debts of the city or town and deposit the surplus of the proceeds of the property in the county treasury to be there disposed of for the improvement of roads in the vicinity in which the city or town is situated. Such proceeds shall be distributed by the trustee to the respective counties in the proportion that the population of the city or town within each county bore to the total population of the city or town, according to the most recent regular or special federal census.

Terms Used In Arizona Laws 9-132

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Joint session: When both chambers of a legislature adopt a concurrent resolution to meet together.
  • Population: means the population according to the most recent United States decennial census. See Arizona Laws 1-215
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • Trustee: A person or institution holding and administering property in trust.

 

 

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