The authority may be dissolved only:
(1) when the board determines that all the functions of the authority are performed and completed;
(2) after all debts or obligations have been satisfied or retired with the assets of the authority; and
(3) after any remaining real property and other assets of the authority have been conveyed or transferred:
(A) to Texas Tech University, if approved by the Board of Regents of the Texas Tech University System; or
(B) if Texas Tech University declines to accept any remaining real property and other assets of the authority, to the City of Lubbock.