If the Board of Supervisors by resolution approved by two-thirds of all the votes entitled to be cast determines that it is in the best interest of the public, the member municipalities, and the District that the District be dissolved, and if the District then has no outstanding debt or obligations under long term contracts, or will have no debt or obligations upon completion of the plan of dissolution, it shall prepare a plan of dissolution and thereafter adopt a resolution directing that the question of dissolution and the plan of dissolution be submitted to the voters of the District at a special meeting of the District duly warned for the purpose. If two-thirds of the voters of the District present and voting at a special meeting of the District shall vote to dissolve the District and approve the plan of dissolution, the District shall cease to conduct its affairs except insofar as may be necessary for the winding up thereof. The Board of Supervisors shall immediately cause a notice of the proposed dissolution to be mailed to each known creditor of the District and shall proceed to collect the assets of the District and apply and distribute them in accordance with the plan of dissolution. (Added 2005, No. M-8, § 2.)