The tricky part is how this affects an existing contract - especially the part of the enabling law where the Florida legislature basically guaranteed for bondholders that they wouldn't alter the district while bond debt is still outstanding. Or the state could just pony up all bond payments upfront to discharge the debt since it's a guarantee by the state.
REEDY CREEK
IMPROVEMENT
DISTRICT CHAPTER 67-764
REEDY CREEK
IMPROVEMENT
DISTRICT CHAPTER 67-764
GENERAL DRAINAGE
CHAPTER 298 FLORIDA STATUTES
As Applicable to Chapter 67-764
Section 56. Pledge by the State of Florida to the Bond Holders of the District and to the Federal Government.-The State of Florida pledges to the holders of any bonds issued under this Act that it will not limit or alter the rights of the District to own, acquire, construct, reconstruct, improve, maintain, operate or furnish the projects or to levy and collect the taxes, assessments, rentals, rates, fees, tolls, fares and other charges provided for herein and to fulfill the terms of any agreement made with the holders of such bonds or other obligations, that it will not in any way impair the rights or remedies of the holders, and that it will not modify in any way the exemption from taxation provided in the Act, until all such bonds together with interest thereon, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged. The State of Florida pledges to and agrees with the Federal Government that in the event the Federal Government or any agency or authority thereof shall construct or contribute any funds, materials or property for the construction, acquisition, extension, improvement, enlargement, maintenance, operation or furnishing of any of the projects of the District, or any part thereof, the State will not alter or limit the rights and powers of the District in any manner which would be inconsistent with the continued maintenance and operation of such project, or any part thereof, or the improvement thereof, or which would be inconsistent with the due performance of any agreements between the District and the Federal Government, and the District shall continue to have and may exercise all powers herein granted so long as the Board of Supervisors may deem the same necessary or desirable for the carrying out of the purposes of this Act and the purposes of the Federal Government in the construction, acquisition, extension, improvement, enlargement, maintenance, operation or furnishing of any of the projects of the District, or any part thereof.
So the big question would be if dissolution would violate the US Constitution's Contract Clause or the Florida Constitution's equivalent (Article I, Section 10).