(a) If the district does not transfer the land, buildings, improvements, equipment, and other assets to Sutton County under Section 1101.304, the board shall continue to control and administer the property, assets, and debts of the district until all money has been disposed of and all district debts have been paid or settled.
(b) After the board finds that the district is dissolved, the board shall:
(1) determine the debt owed by the district; and
(2) impose on the property included in the district's tax rolls a tax that is in proportion of the debt to the property value.
(c) The board may institute a suit to enforce payment of taxes and to foreclose liens to secure the payment of taxes due the district.