If the creation of the district is not confirmed at a confirmation election held on or before December 31, 2008, the district is dissolved on that date, except that:

1. (1) any debts incurred shall be paid;
2. (2) any assets that remain after the payment of debts shall be transferred to Panola County; and
3. (3) the organization of the district shall be maintained until all debts are paid and remaining assets are transferred.

Added by Acts 2007, 80th Leg., R.S., Ch. 867 (H.B. 1498), Sec. 1, eff. June 15, 2007.