If the creation of the district is not confirmed at a confirmation election held under Section 9002.023 before September 1, 2007:
(1) the district is dissolved September 1, 2007, except that:
(A) any debts incurred shall be paid;
(B) any assets 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.