(a) If a majority of the votes in the election favor dissolution, the board shall:
(1) transfer the land, buildings, improvements, equipment, and other assets that belong to the district to Wheeler County or another governmental entity in Wheeler County; or
(2) administer the property, assets, and debts until all money has been disposed of and all district debts have been paid or settled.
(b) If the district transfers the land, buildings, improvements, equipment, and other assets to Wheeler County or another governmental entity, the county or entity assumes all debts and obligations of the district at the time of the transfer, and the district is dissolved.
(c) If the district does not transfer the land, buildings, improvements, equipment, and other assets to Wheeler County or another governmental entity, the board shall administer the property, assets, and debts of the district until all funds have been disposed of and all district debts have been paid or settled, at which time the district is dissolved.