(a) If a majority of the votes in an election under this subchapter favor dissolution, the board shall:
(1) transfer to Sutton County the land, buildings, improvements, equipment, and other assets that belong to the district; or
(2) administer the property, assets, and debts in accordance with Sections 1101.305, 1101.306, and 1101.307.
(b) If the board makes the transfer under Subsection (a)(1), Sutton County assumes all debts and obligations of the district at the time of the transfer, and the district is dissolved.