(a) The commission by order may require an authority to dissolve if the commission determines that the authority has not substantially complied with the requirements of a commission rule or an agreement between the department and the authority.
(b) The commission may not require dissolution unless:
(1) the conditions described in Sections 370.331(c)(1) and (2) have been met; and
(2) the holders of any indebtedness have evidenced their agreement to the dissolution.