(a) Conveying projects.--When any NIDMA shall have finally paid and discharged all bonds which together with the interest due thereon shall have been secured by a pledge of any of the revenues or receipts of a project, it may, subject to any agreements concerning the operation or disposition of such project and the NIDMA bylaws, convey such project or projects to the municipal corporation which established or had established the NIDMA.

(b) Request for termination.--Any request for the termination of the NID and NIDMA approved by 40% of the assessed property owners, in numbers, located in the NID shall be submitted to the governing body of the municipality in writing. The governing body shall hold a hearing on the merits of same, pursuant to section 5(b)(2)¹ as it relates to the required procedure of holding a hearing. Such written request shall be considered by the governing body of the municipality. If the request is approved by the governing body of the municipality, then a resolution to that effect shall be filed with the Secretary of the Commonwealth, and the secretary shall note the termination of the existence on the record of incorporation and return the resolution with his or her approval shown on the resolution to the municipal corporation. Then the property of the NIDMA shall pass to the municipal corporation, as the case may be, and the NIDMA and NID shall cease to exist. Any request for the termination of the NID and NIDMA by the governing body of the municipality in which the NID is located shall result in a hearing on the merits of same, pursuant to section 5(b)(2) as it relates to the required procedure for holding a hearing. Before the decision to terminate an NID and NIDMA is made, such termination must be approved by 40% of the assessed property owners, in numbers, located in the NID and shall be submitted to the governing body of the municipality in writing. Such written request shall be considered by the governing body of the municipality. If the request is approved by the governing body of the municipality, then a resolution to that effect shall be filed with the Secretary of the Commonwealth, and the secretary shall note the termination of the existence on the record of incorporation and return the resolution with his or her approval shown to the municipal corporation. The property of the NIDMA shall pass to the municipal corporation, as the case may be, and the NIDMA and NID shall cease to exist.