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the renewed district does not include parcels or businesses included in the prior district. the remaining revenues attributable to these parcels shall be refunded to the owners of these parcels or businesses. (c) Upon renewal, a district shall have a term not to exceed 10 years, or, if the district is authorized to issue bonds, until the maximum maturity of those bonds. There is no requirement that the boundaries, assessments, improvements, or activities of a renewed district be the same as the original or prior district. Sec. 13-214. Dissolution of District. (a) Any district established or extended pursuant to the provisions of this part, where there is no indebtedness. outstanding and unpaid, incurred to accomplish any of the purposes of the district, may be disestablished by resolution. If the City Council finds there has been misappropriation of funds, malfeasance, or a violation of law in connection with the management of the district, it shall notice a hearing on disestablishment. (b) The City Council shall adopt a resolution of intent to disestablish the district prior to the public hearing required by this section. The resolution shall state the reason for the disestablishment, shall state the time and place of the public hearing, and shall contain a proposal to dispose of any assets acquired with the revenues of the assessments levied within the property and business improvement district. The notice of the hearing on disestablishment required by this section shall be given by mail to the property owner of each parcel or to the owner of each business subject to assessment in the district, as appropriate. The city shall conduct the public hearing not less than 30 days after mailing the notice to the property or business owners. The public hearing shall be held not more than 60 days after the adoption of the resolution of intent. (c) Upon the disestablishment of a district, any remaining revenues, after all outstanding debts are paid. derived from the levy of assessments, or derived from the sale of assets acquired with the revenues, or from bond reserve or construction funds. shall be refunded to the owners of the property or businesses then located and operating within the district in which assessments were levied by applying the same method and basis that was used to calculate the assessments levied in the fiscal year in which the district is disestablished. All outstanding assessment revenue collected after disestablishment shall be spent on improvements and activities specified in the management district plan. (d) If the disestablishment occurs before an assessment is levied for the fiscal year, the method and basis that was used to calculate the assessments levied in the immediate prior fiscal year shall be used to calculate the amount of any refund. Section 3. If any section. subsection, sentence. clause, phrase or portion of this ordinance is for any reason held to be invalid or unconstitutional by the decision of Ordinance No. NS-2771 Page 11 of 12