(1) The commissioners on the board of a municipal improvement district shall execute a deed in favor of the city conveying all real estate as to which it holds title and shall turn over to the city clerk a list of all lands which have not been sold to the district, but which are delinquent for nonpayment of taxes, and shall pay to the city all funds which it has on hand.
(2) The commissioners shall then file with the city or town council a final report bringing up to date its receipts and disbursements since the last annual report filed by it in compliance with § 14-89-1102.
(3) The city or town council shall examine and readjust the annual report as set out in § 14-89-1103.
(4) If the city or town council approves the report, the commissioners shall stand discharged from their duties in such capacity, and thereafter the city or town collector shall handle the collection of all delinquent taxes due the districts.