A. Any district created pursuant to this chapter may be abolished by resolutions passed by each local governing body within whose locality any portion of the district lies, upon the joint petition of the commission and the owners of at least 51 percent of the land area located within the district in each locality. Joint petitions shall:
1. State whether the purposes for which the district was formed have been substantially achieved;
2. State whether all obligations incurred by the district have been fully paid;
3. Describe the benefits that can be expected from the abolition of the district; and
4. Request each affected local governing body to abolish the district.
B. Upon receipt of such a petition, each local governing body, in considering the abolition of the district, shall use the standards and procedures described in § 33.2-2001 mutatis mutandis, except that all interested persons who either reside on or own real property within the boundaries of the district shall have the right to appear and show cause why the district should not be abolished.
C. If each local governing body finds that (i) the abolition of the district is in accordance with the applicable locality’s comprehensive plan for the development of the area; (ii) the abolition of the district is in the best interests of the residents and owners of the property within the district; (iii) the abolition of the district is in furtherance of the public health, safety, and welfare; and (iv) all debts of the district have been paid and the purposes of the district either have been, or should not be, fulfilled or finds that each local governing body with the approval of the voters of each locality has agreed to assume the debts of the district, then each local governing body may pass a resolution abolishing the district and the district advisory board. Upon abolition of the district, the title to all funds and properties owned by the district at the time of such dissolution shall vest in the locality in which the district or portion thereof was located.