(a) If a majority of the votes in an election under this subchapter favor dissolution, the board shall:
(1) transfer the district’s assets to Eastland County or another governmental entity in Eastland County; or
(2) administer the district’s assets and debts until all assets have been disposed of and all district debts have been paid or settled.
(b) If the board makes the transfer under Subsection (a)(1), Eastland County or the governmental entity assumes all debts and obligations of the district at the time of the transfer, and the district is dissolved.