(a) The board may order an election on the question of dissolving the district and disposing of the district's assets and obligations.
(b) The board shall order an election on the question of dissolving the district and disposing of the district's assets and obligations if the board receives a petition by district residents requesting an election that:
(1) is certified as valid by the Montgomery County elections administrator under Section 1063.302; or
(2) the Montgomery County elections administrator fails to act on within the time allowed by Section 1063.302.
(c) A petition requesting an election must:
(1) state that it is intended to request an election in the district on the question of dissolving the district and disposing of the district's assets and obligations;
(2) be signed by a number of district residents equal to at least 15 percent of the total vote received by all candidates for governor in the most recent gubernatorial general election in the district that occurs more than 30 days before the date the petition is submitted; and
(3) be submitted to the Montgomery County elections administrator.