1.  Upon the issuance of a certificate of dissolution under the provisions of NRS 548.545, all ordinances and regulations theretofore adopted and in force within such district shall be of no further force and effect.

2.  All contracts theretofore entered into, to which the district or supervisors are parties, shall remain in force and effect for the period provided in such contracts. The Commission shall be substituted for the district or supervisors as a party to such contracts. The Commission shall be entitled to all benefits and shall be subject to all liabilities under such contracts and shall have the same right and liability to perform, to require performance, to sue and be sued thereon, and to modify or terminate such contracts by mutual consent or otherwise, as the supervisors of the district would have had.

3.  Such dissolution shall not affect the lien of any judgment entered under the provisions of NRS 548.455, nor the pendency of any action instituted under the provisions of NRS 548.445 and 548.450, and the Commission shall succeed to all the rights and obligations of the district or supervisors as to such liens and actions.