A majority of the board may propose that the district be dissolved, but only if all contractual obligations and debts of the district are satisfied and another governmental entity or entities accept dedication of all district projects and of all water district groundwater replenishment obligations and other duties established under article 7 of this chapter. After a hearing, the board shall adopt by resolution a plan of termination to be executed within a stated period of time after it is adopted. All property of the district that is not dedicated to another governmental entity shall be transferred to the department of water resources for use in the active management area. All unexpended and unencumbered monies of the district shall be deposited, pursuant to sections 35-146 and 35-147, in the fund account established for the active management area under section 45-615.