(a) Any tourism improvement district previously established whose term has expired, or will expire, may be renewed by following the procedures for establishment as provided in this chapter.
(b) Upon renewal, any remaining revenues derived from assessments, or any revenues derived from the sale of assets acquired with the revenues, shall be transferred to the renewed tourism improvement district.
(c) There is no requirement that the boundaries, assessments, activities, or improvements of a renewed tourism improvement district be the same as the original or prior tourism improvement district.