The governing body of any city may, by resolution, dissolve the housing authority of such city for the purpose of electing to participate in a county housing authority pursuant to section 54-40-08. Upon the adoption of such a resolution the city authority shall cease to exist, except for the purpose of winding up its affairs and executing a deed to the county housing authority pursuant to the agreement executed between the city and the county under the provisions of section 54-40-08. All the rights, contracts, obligations, and property, real and personal, of the city authority must be transferred to and become vested in the county authority, provided that all bonded indebtedness issued by the city authority remains a lien against the income and revenues of the housing project pledged to the payment of such bonds. All rights and remedies of any person against the city authority may be asserted and enforced against the county authority to the same extent as they might have been against the city authority.