If the creation of the district is not confirmed at a confirmation and initial directors' election held before September 1, 2016:
(1) the district is dissolved on September 1, 2016, except that the district shall:
(A) pay any debts incurred;
(B) transfer to Comal, Guadalupe, or Hays County, as appropriate, any assets of the district that remain after the payment of debts; and
(C) maintain the organization of the district until all debts are paid and remaining assets are transferred; and
(2) this chapter expires September 1, 2017.