(1) Any district established or extended pursuant to the provisions in Sections 21-43-101 through 21-43-133, which has satisfied all indebtedness incurred to accomplish any of the purposes of the district, may be dissolved by the governing authority of the municipality upon: Written and certified petition from the property owners within the district who collectively represent more than seventy percent (70%) of the total assessed valuation of all benefited real property in the boundaries of the district, or
(2) The district plan terminates when no reauthorization has occurred as set forth in Sections 21-43-101 through 21-43-133.
(3) Upon dissolution of a business improvement district, any assets of the district remaining shall be transferred to the municipality.