(a) If a majority of the votes in an election under this subchapter favor dissolution and transfer of the district’s assets and obligations, the board shall:
(1) declare that the district is dissolved; and
(2) transfer the district’s assets and obligations to a governmental entity as provided by Section 1033.304.
(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 to dissolve the district and transfer the district’s assets and obligations.