(a) The city by ordinance may dissolve the district.
(b) The city may not dissolve the district until:
(1) the district’s outstanding debt or other obligations have been repaid, assumed, or discharged, including the defeasance of any outstanding bonds or other obligations through the issuance of debt by the city; and
(2) each party to the development agreement fulfills the party’s obligations under the agreement and the plan, including a district obligation to reimburse a developer or owner for the costs of an improvement project or service.