(a) The board shall call a dissolution election if:
(1) the board receives a petition signed by a number of registered voters in the district equal to at least 30 percent of the voters in the district’s most recent election; and
(2) the district has no outstanding bonds or other long-term indebtedness.
(b) The board shall dissolve the district if at least two-thirds of the voters voting in the election vote in favor of dissolving the district.