(a) The city by ordinance adopted by a two-thirds majority vote of its governing body may dissolve the district.
(b) The city may not dissolve the district until the district’s outstanding indebtedness or contractual obligations payable from ad valorem taxes have been repaid or discharged.

(c) After the city dissolves the district, the city assumes the obligations of the district, including any bonds or other indebtedness payable from assessments or other district revenue.
(d) If the city dissolves the district, the board shall transfer ownership of all district property to the city.