(a) The commissioners court by order may abolish a road district after a public hearing on the matter if:
(1) the road district has no outstanding public securities, as that term is defined by Section 1201.002, Government Code; or
(2) all the public securities of the district have been assumed and exchanged for county bonds under Subchapter D, Chapter 1471, Government Code.
(b) The road district ceases to exist when the commissioners court adopts the order abolishing the district.