(1) The county governing body of any county in which, by resolution, such county was declared to be a conservation district, may at any time after five years from the passage of said resolution and after determining that a substantial proportion of the land occupiers of the district so desire, and upon approval by the commission, repeal said resolution at a regular or special meeting of said county governing body. This determination may be made through hearings, petitions, referenda or any other means which the county governing body deems appropriate.

(2) Upon the repeal of the resolution which declared the county to be a conservation district, the directors may not enter into any more contracts or agreements on behalf of the district, and all rules and regulations theretofore adopted and in force within such district shall be of no further force and effect. Such district, however, shall continue for a period not to exceed four years for the purpose of fulfilling its contracts, discharging any existing obligations, collecting and distributing its assets and doing all other acts required to adjust and close out its affairs.

(3) Upon repeal by the county governing body of the resolution declaring the county to be a district, the directors shall, at public auction, dispose of all property belonging to the district as soon as said property is no longer needed by the district to fulfill any existing contracts, and shall forthwith pay over the proceeds of such sale, less the necessary costs of the sale, into the county treasury. The directors shall, at least ten days prior to holding such public auction, notify the commission of the property proposed to be sold thereat, and after such sale shall render to the county governing body and to the commission a report of such sale specifying the property sold, the amount received therefor and the disposition of the proceeds. Such report of the sale shall also be accompanied by a list of the remaining property of the district still undisposed of.

(4) Any property, real or personal, remaining unsold at the end of two years shall be taken over by the county governing body for proper disposition and the proceeds derived therefrom placed in the county treasury.