(1) A water authority shall be dissolved upon the expiration of its term of existence as set forth in the water authority's articles if the term of existence is less than perpetual in nature.
(2) Upon the dissolution, a notice shall be filed with both the Arkansas Natural Resources Commission and the Secretary of State.
(3) A water authority may also be dissolved upon filing articles of dissolution with the approval in writing by the commission.
(4) If approved by the commission, articles of dissolution shall also be filed with the Secretary of State.
(5) Upon dissolution, any assets of a water authority remaining after payment of claims and liabilities of the water authority shall be transferred to another water authority with approval of the commission or to the State of Arkansas or a subdivision of the state, including the commission.