(2) Upon revocation of the authority of a district to furnish fire protection service under ORS 264.340:
(a) The board of commissioners may determine the disposition to be made of any fire apparatus and equipment owned, maintained, serviced or operated by the district.
(b) The fire prevention code adopted pursuant to ORS 264.342 is repealed.
(3) Revocation of the authority of a district to furnish fire protection service under ORS 264.340 shall not abrogate any contract to which the district is a party and which relates to the fire protection service performed under ORS 264.340, and the district shall be obligated and authorized to complete and enforce performance of all such contracts. [1961 c.669 §2; 1969 c.666 §25]