(1) On receipt of a petition to dissolve the resort area district, signed by more than 50% of the qualified electors of the resort area district, the board of directors shall set a date for a public hearing on dissolution of the resort area district. The hearing date must be at least 45 days and no more than 60 days after the date on which the board schedules the date of the hearing. A notice of the public hearing on dissolution must be published as provided in 7-1-2121. The published notice must include notice to creditors of the resort area district to present claims owed by the resort area district to the board of directors prior to the date set for the dissolution hearing.
(2) After the hearing, the board of directors shall submit the question of the resort area district's dissolution to a vote of the qualified electors voting in an election conducted in accordance with Title 13, chapter 1, part 5.