Any participating city or county may withdraw from participation in the regional housing agency by resolution or ordinance of its governing body. Any withdrawal from participation shall be subject to, and may occur only pursuant to, the following conditions:

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(1) The regional housing agency has no bonds, notes, or other obligations outstanding or adequate provision for payment of such bonds, notes, or other obligations, by escrow or otherwise, has been made. Past performance without breach or default of an obligation secured only by one or more developments or the income thereof shall be deemed to be adequate provision;

(2) The withdrawing city or county has made adequate provision for the performance of all of its outstanding obligations and responsibilities as a participant in the regional housing agency;

(3) The withdrawing city or county has given six months’ written notice to the regional housing agency and all other cities and counties participating therein; and

(4) The commissioner or commissioners appointed by the withdrawing city or county shall be deemed to have resigned as of the date upon which the withdrawal is effective. Vacancies on the board of commissioners created by withdrawal of a city or county shall be filled in such manner as the cities and counties remaining as participants shall agree.

Notwithstanding the withdrawal of any participating city or county, the legal title to and operating responsibility for any development located outside the area of operation of the regional housing agency remaining after such withdrawal has occurred shall continue to be vested in the regional housing agency unless a different arrangement is made.