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At such time as it is determined that the district’s long-term indebtedness has been paid or defeased and the district has availed itself of the full sales tax rebate at the maximum allowable rate under RCW 82.14.390, the city and county councils may by ordinance dissolve the district. Upon dissolution of the district the assets and liabilities of the district may, at the city’s option, become the assets and liabilities of the city of Bellingham. [Ord. 2002-07-051].