(a) If a majority of the votes in an election held under this subchapter favor dissolution, the board shall:
(1) transfer the land, buildings, improvements, equipment, and other assets that belong to the district to a county or to another governmental entity in Stonewall County;
(2) sell the assets and liabilities to another person; or
(3) 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 board makes the transfer under Subsection (a)(1), the county or entity assumes all debts and obligations of the district at the time of the transfer, and the district is dissolved.