Upon the issuance of a certificate of dissolution as provided in section 37-1038, the ordinances and regulations theretofore in force within the district shall be of no further effect. Any contract theretofore entered into to which the district or supervisors are parties shall remain in force for the period provided therein, and the commissioner shall be substituted for the district or supervisors as a party thereto. The commissioner shall be entitled to all benefits and subject to all liabilities under any such contract and shall have the same right and liability to perform, require performance, sue and be sued thereon, and to modify or terminate the contract by mutual consent or otherwise, as the supervisors of the district would have had. Dissolution shall not affect the lien of any judgment entered under the provisions of this chapter, nor the pendency of any action instituted thereunder, and the commissioner shall succeed to all the rights and obligations of the district or supervisors as to such liens and actions.