Since this will be your group's first experience with bylaws, my advice is to keep them pretty simple. Use easy to understand language and no offense - don't let a lawyer write them! Ours were originally from some other national parent teacher advocacy group and we've worked hard over the years to revise them to be more user-friendly and reflective of how we really operate. I recently saw a set from another PTO in our district that are seriousy 20 pages of the most cumbersome legal-ease. I can't imagine any member taking the time to read them, much less really use them. While very professional, they are very intimidating. Keep the basic requirements, and make them work for your group, customizing from several samples.
I agree, by laws need to be top priority. At least, that way all of us will be on the same page with a fresh outlook. Thanks for the advice. I was just unsure of this, like I said it is weird! But hopefully, we all can have a better year coming up.
Writer is correct about your need for bylaws. If your previous year's board wants to do something constructive and helpful over the summer, writing bylaws would be it. They don't even have to be anything elaborate. Think of the areas where you had problems this past year and figure out what bylaws might have alleviated those issues. Cover the basics like board positions and tenure, elections, voting, spending limits for the board, budget requirements, etc. Having some of this hashed out before the beginning of the next school year could help you get off to a better start.
I agree with CrewChief, if you're supposed to be shut down for the summer, then there shouldn't be anything going on, especially spending money. The previous year's board continuing to act on things and make decisions could just add to what appears to be an already tumultous situation.
I think if it's truly been a tumultuos year, then stepping back for a deep breath is a good thing. But 'disbanding'? That's extreme.
I'm not well versed in 501c3 laws so I don't know what happens to the funds of an officially disbanded group.
If what you're really doing is just taking a breather, then my personal opinion is that funds should be frozen until such time that you can all regroup, draft and adopt bylaws and make sound decisions with an active majority.
Some people come into our lives and quickly go. Some stay for awhile and leave footprints on our hearts. And we are never, ever the same."
"The ultimate aim of karate lies not in victory or defeat but in the true perfection of one's character."
and we've worked hard over the years to revise them to be more user-friendly and reflective of how we really operate. I recently saw a set from another PTO in our district that are seriousy 20 pages of the most cumbersome legal-ease. I can't imagine any member taking the time to read them, much less really use them. While very professional, they are very intimidating. Keep the basic requirements, and make them work for your group, customizing from several samples. 
