(a) If a road district is created that contains all of the territory of an existing commissioners or justice precinct or road district that has outstanding road bonds, the newly created district:
(1) shall fully compensate the existing precinct or district in an amount equal to the amount of outstanding road bonds; and
(2) may issue bonds to:
(A) purchase or construct roads in the existing precinct or district;
(B) further construct, maintain, or operate macadamized, graveled, or paved roads or turnpikes in the new district; or
(C) aid in a purpose described by Paragraph (A) or (B).
(b) The compensation shall be made and the bonds issued in the form and manner for county bonds under Sections 1471.081-1471.085 except that the petition must be signed by 50 or a majority of the registered voters of the new district.