(a) If a majority of the votes in the election held under this subchapter favor dissolution, the board shall:
(1) transfer the land, buildings, improvements, equipment, and other assets that belong to the district to McCulloch County or another governmental entity in McCulloch County; or
(2) administer the property, assets, and debts until all money has been disposed of and all district debts have been paid or settled.
(b) If the district makes the transfer under Subsection (a)(1), the county or entity assumes all debts and obligations of the district at the time of the transfer, and the district is dissolved.