(a) If a majority of the votes in the election favor dissolution and transfer of the district’s assets and obligations, the board shall:
(1) find that the district is dissolved; and
(2) transfer the district’s assets and obligations to Deaf Smith County as provided by Section 1020.354.
(b) If a majority of the votes in the election do not favor dissolution and transfer of the district’s assets and obligations, the board shall continue to administer the district and another election on the question of dissolution may not be held before the first anniversary of the date of the most recent election at which voters disapproved the proposition.