If the creation of the district is not confirmed at a confirmation election held under Section 9001.023 before September 1, 2007:

1. (1) the district is dissolved September 1, 2007, except that:

   1. (A) any debts incurred shall be paid;
   2. (B) any assets that remain after the payment of debts shall be transferred to Denton County; and
   3. (C) the organization of the district shall be maintained until all debts are paid and remaining assets are transferred; and
2. (2) this chapter expires September 1, 2010.

Added by Acts 2005, 79th Leg., Ch. 446 (S.B. 1828), Sec. 1, eff. June 17, 2005.