After a certificate of dissolution has been issued as provided in section 4.1-20-42, all ordinances and regulations that have been adopted and in force within the dissolved district are of no further force and effect. All contracts that have been made, to which the district supervisors are parties, remain in force and effect for the period provided in the contracts, and the committee is substituted for the district or supervisors as party to the contracts. The committee is entitled to all the benefits and subject to all the liabilities under the contracts and has the same right as the supervisors of the district would have had.