(1) A district or an authority may be dissolved sixty calendar days after a resolution of dissolution is approved by the city council of the city that created the district or authority. Notice of consideration of a resolution of dissolution shall be given by publishing such notice in a newspaper in or of general circulation within the city that created the district or authority. Such notice shall also be sent by certified mail to the trustee of any outstanding bonds of the authority.

(2) Upon dissolution of an authority, all real property, personal property, and other assets of the authority shall become the assets of the city that created the authority.

(3) Upon dissolution of a district, any proceeds of the occupation tax or the special assessment relating to such district shall be subject to disposition as the city council shall determine.