DISSOLUTION

(a) Except as limited by Subsection (b), the board shall dissolve the district on written petition filed with the board by the owners of: (1) 66 percent or more of the assessed value of the property subject to assessment by the district based on the most recent certified county property tax rolls; or (2) 66 percent or more of the surface area of the district, excluding roads, streets, highways, utility rights-of-way, other public areas, and other property exempt from assessment by the district according to the most recent certified county property tax rolls. (b) The district may not be dissolved if the district: (1) has any outstanding bonded or other indebtedness until that bonded or other indebtedness has been repaid or defeased in accordance with the order or resolution authorizing the issuance of the bonded or other indebtedness; (2) has a contractual obligation to pay money until: (A) that obligation has been fully paid in accordance with the contract; or (B) another political subdivision assumes the obligation; or (3) owns, operates, or maintains public works, facilities, or improvements unless, before the district dissolves, the district contracts with another party for the ownership and operation or maintenance of the public works, facilities, or improvements. (c) Section 375.262, Local Government Code, does not apply to the district.