If the creation of the district is not confirmed at a confirmation and initial directors’ election held before September 1, 2007:
(1) the district is dissolved on September 1, 2007, except that:
(A) any debts incurred shall be paid;
(B) any assets that remain after the payment of debts shall be transferred to Parker or Palo Pinto County as appropriate; and
(C) the organization of the district shall be maintained until all debts are paid and remaining assets are transferred; and
(2) this chapter expires September 1, 2010.

Text of section as added by Acts 2005, 79th Leg., R.S., Ch. 770 (H.B. 3525), Sec. 1
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