Section 15-1407 - Formation of new district by subdivision of existing district; division of assetsA. If two or more contiguous counties have formed a community college district, a new district may be formed in one or more of the counties by dissolution of the existing district if each county in which a new district is formed meets the requirements prescribed in section 15-1402. Except as provided in this section, the procedures for dissolution of the district shall be as prescribed in section 15-1403 for the formation of a district in more than one county.B. The election shall be held as provided in section 15-1404, except that a majority of the qualified electors in each of the counties in the existing district must approve the dissolution of the existing district and the formation of the new district.C. If a county is within a community college district that is dissolved pursuant to this section and the county does not meet the requirements of section 15-1402 or 15-1402.01, the county is no longer part of an established community college district.D. The district board of the existing district shall prepare a projected list of assets for the existing district before the end of the fiscal year in which the election is held. The district boards of the existing district and the new district shall prepare a final statement of assets for the existing district as of the end of the fiscal year in which the election was held. The district boards of the existing district and the new district shall set aside sufficient assets or provide other means to satisfy the liabilities of the existing district and approve the final division of all assets by September 15 of the year in which the new district becomes operative.