You pay the current owners as of the date of dissolution. The current owners bought into the HOA from the past owners, and thus assume future liabilities (or profits) from the HOA.
Edit: If/when it becomes known that there will be some kind of a payout, people selling their homes will need to adjust the price and/or expect some kind of credit from the buyer at closing.
You need a majority of the members to want to do it. All have to respond to the ballot. Past experience is that the members generally don’t vote even at the annual meeting.
That's because are so mind-numbingly dumb that no one is going to show up for an annual meeting unless there's actually something important to vote on.
Saying, "hey, show up and vote and you might actually get some money from it," will make people show up.
Edit: If/when it becomes known that there will be some kind of a payout, people selling their homes will need to adjust the price and/or expect some kind of credit from the buyer at closing.