(a) The board by resolution may dissolve a district if the governing body of the lead governmental entity by resolution consents to the dissolution.
(b) If the district has debt, including any outstanding bonds, the district shall remain in existence for the sole purpose of paying its debt and transferring any remaining assets. The board shall transfer to the lead governmental entity any assets that remain after satisfaction of all debt.
(c) After the debt is paid and the assets are transferred, the district is dissolved.