If:

1. (1) the department determines that the project or operation of the district is not economically feasible, fair, or reasonable; or

2. (2) the district fails to file a plan for the operation of the district within the time prescribed by the department;

   the department may declare the district dissolved and enter an order for the distribution of all assets owned by the district after the payment of liabilities.

   [Pre-1996 Recodification Citation: 13-3-2-5(g) part.]

As added by P.L.1-1996, SEC.16.