Sec 15-396. Dissolution of district

A. On approval of a majority of the full membership of the joint board or on the receipt by the joint board of resolutions adopted by the governing boards of the school districts participating in the joint district, the joint board shall adopt and send to the state board a resolution requesting the dissolution of the joint district. The resolution shall state the reasons for the proposed dissolution, set forth a plan for equitable adjustment, division and disposition of the assets and liabilities of the joint district and provide that each participating school district will assume its share of the outstanding indebtedness of the joint district.

B. On approval of the resolution by the state board, the joint district is dissolved in accordance with the provisions of the resolution.