If the creation of the district is not confirmed at a confirmation and initial directors' election held before September 1, 2007:
(1) the district is dissolved on September 1, 2007, except that:
(A) any debts of the district incurred shall be paid;
(B) any assets of the district that remain after the payment of debts shall be transferred to Kaufman County; and
(C) the organization of the district shall be maintained until all debts are paid and remaining assets are transferred; and
(2) this chapter expires September 1, 2010.