(1) The fairpark district may not be dissolved unless the fairpark district has no outstanding bonded indebtedness, other unpaid loans, indebtedness, or advances, and no legally binding contractual obligations with persons or entities other than the state.
(2) Upon the dissolution of the fairpark district:
(a) the Governor's Office of Economic Development shall publish a notice of dissolution:
(i) for the county in which the dissolved fairpark district is located, as a class A notice under Section 63G-30-102, for at least seven days; and
(ii) as required in Section 45-1-101; and
(b) all title to property owned by the fairpark district vests in the state.
(3) The books, documents, records, papers, and seal of each dissolved fairpark district shall be deposited for safekeeping and reference with the state auditor.
(4) The fairpark district shall pay all expenses of the deactivation and dissolution.