(a) If a majority of the votes in the election favor dissolution, the board shall:
(1) transfer the land, buildings, improvements, equipment, and other assets that belong to the district to a county or another governmental entity in the district; or
(2) administer the property, assets, and debts in accordance with § 286.104.
(b) If the district transfers the land, buildings, improvements, equipment, and other assets to a county or other governmental entity, the county or entity assumes all debts and obligations of the district at the time of the transfer, and the district is dissolved.