Any contract between a district formed for the purpose of impoundment of water, organized pursuant to this chapter, and the department of environmental services for the construction, operation, and maintenance of any dam located within the district’s boundaries that is in effect on the effective date of this act shall continue in effect for the remaining term of the contract or until terminated in accordance with the terms of the contract. If the district terminates the contract, any obligations and liabilities outstanding at the time of such termination shall be outstanding obligations and liabilities of the district and, if the district is terminated, such obligations shall be treated in the same manner as under N.H. Rev. Stat. § 52:21.