7-12-2128. Transfer of ownership of improvements -- petition -- hearing -- effect of transfer. (1) Subject to the provisions of this section, a board of county commissioners may transfer the ownership of the improvements in a district to the owners of property in a district.

(2) (a) Upon receipt of a petition signed by at least 66% of the owners of real property in a district requesting that the ownership of the improvements be transferred, the board shall, after providing public notice pursuant to 7-1-2121, hold a public hearing.

(b) The petition must include a description of the improvements that the petitioners are requesting be transferred, the reasons for the request, and a statement acknowledging that if the transfer occurs, the property owners assume responsibility for the operation and maintenance of the improvements.

(3) A copy of the notice must be mailed, as provided in 7-1-2122, to each person, firm, or corporation or the agent of the person, firm, or corporation owning real property within the district.

(4) At the public hearing, the board shall accept comment regarding the proposed transfer.

(5) Within 60 days after the hearing, the board shall decide whether to transfer ownership of the improvements to the property owners or to continue the operation of the district and maintenance and control of the improvements as provided in this part.

(6) (a) If the board decides to transfer ownership of the improvements, the property owners in the district assume ownership and responsibility for the operation and maintenance of the improvements and the district ceases to exist.

(b) Any debts owed by or assets credited to the district become debts and assets of the property owners on the date that the transfer is approved by the board.