Okla. Stat. tit. 19, § 19-876

Dissolution.

(a) The legal title to all property acquired under this act

shall immediately and by operation of law vest in such sewer

improvement district in its corporate name and shall be held by such

district in trust for, and is hereby dedicated and set apart to, the

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uses and purposes set forth in this act. The board of directors of

such district is hereby authorized to hold, use, acquire, manage,

occupy and possess such property as herein provided.

(b) The board of directors shall have authority to contract for

the sale of the sewerage system of the district with a city or town,

including the lines of conveyance, plant and other real or personal

property used in connection therewith, on such terms as it believes

to be for the best interests of the district, but no such contract

shall be operative or valid until approved by a majority of the

electors of the district voting at a special election called for

such purpose by the board of directors. Such special election shall

be called and conducted and notice thereof given as in the case of a

special election on the issuance of bonds of the district. The

board of directors shall canvass the result of such special election

and make record thereof in its minutes, and if the proposed contract

shall have been approved at such election, the board of directors

shall execute necessary conveyances to carry out the terms of the

contract; and the purchaser shall thereupon have the right to fix

and collect reasonable tolls and charges for the use of the system

so purchased. Provided, that the purchase price for such sewerage

system shall not be less than the principal amount of the

outstanding main sewer line and sewage disposal plant bonds

outstanding plus the interest on said bonds to the first call date

thereof. The proceeds of such sale shall be applied to the payment

of the principal and interest of outstanding bonds of the district,

and any excess shall be paid to the owners of the lots and pieces of

ground in the district, in proportion to the assessed value thereof.

(c) After the execution of the necessary conveyances to carry

out the terms of the contract for sale the board of directors shall

pay all outstanding valid claims for the operation and maintenance

of the district.

The board of directors shall then make a report in writing to

the board of county commissioners, advising said county

commissioners of the sale of the district, including the terms of

sale, disposition of the proceeds of the sale, that all valid claims

for operation and maintenance have been paid, and petitioning for

the dissolution of said district.

The board of county commissioners shall cause notice of said

petition for dissolution to be published one (1) time in some

newspaper printed and published in the county and of general

circulation in the district at least ten (10) days before the time

at which such petition will be considered. Such notice shall state

the time and place, when and where the petition will be considered

by the board of county commissioners, a brief substance of the

petition, and that all persons interested may appear and be heard.

The board of county commissioners shall have exclusive jurisdiction

to hear and determine all contests and objections pertaining to such

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dissolution. At such hearing the board of county commissioners

shall determine whether there is any reason or necessity for the

continued existence of such district. If said board determines that

there is no reason or necessity for the continued existence of said

district it shall issue its order dissolving said sewer improvement

district, vacating all the offices thereof and discharging the

officers from further liability.