Upon the full payment of all its obligations, including bonds, notes, debentures or debts of any kind, the commissioners of a dormitory housing commission shall convey all properties held or owned by said authority to the junior college district and may, by appropriate resolution, declare their purposes at an end and terminated; upon approval of such resolution by the board of trustees of the junior college district the authority shall be declared inactive and the commissioners relieved of their duties; provided, however, that the commission may be reactivated for new projects, in the same manner as new commissioners are appointed in section 33-2118, and such new commissioners shall proceed with all the powers granted in this act.