A majority of the landowners or the owners of a majority of the land affected by a watershed association may submit a petition to dissolve the watershed association to the county commissioners, county council, or Mayor and City Council of Baltimore City in which the watershed association was organized. A complete list of the creditors of the watershed association certified under oath by the board of directors shall accompany the petition. On receipt of a petition under subsection (a) of this section, the county commissioners, county council, or Mayor and City Council of Baltimore City shall: set a date for a public hearing on the petition; and give notice of the time, place, and purpose of the hearing at least 30 days before the hearing by: notice mailed to each creditor of the watershed association and each landowner; and publication in a newspaper of general circulation in each county affected by the watershed association. The county commissioners, county council, or Mayor and City Council of Baltimore City may deny or approve a petition for dissolution after a public hearing under this section. On approval of a petition for dissolution, the county commissioners, county council, or Mayor and City Council of Baltimore City shall give notice of the dissolution in the same manner as required under subsection (b) of this section. After payment of all debts, any balance in the county treasury to the credit of the dissolved watershed association shall be distributed to the landowners in proportion to the original assessments.