Sections 41–49 of this title shall remain in force and effect for not less than five years after its enactment and for successive periods of five years thereafter, except as amended. At the end of the first five-year period, or any successive five-year period, the Legislature may take under consideration whether the continued operation of the district within the defined boundaries is administratively practicable and feasible. If the Legislature determines in favor of the discontinuance of the district, it shall repeal sections 41–49 of this title in accordance with regular procedure for repealing acts of the Legislature, and shall notify the supervisors of the district. Upon receipt of notice from the Legislature that sections 41–49 of this title have been repealed, the supervisors shall terminate the affairs of the district. They shall dispose of all property belonging to the district at public auction and shall pay over the proceeds of such sale to the Governor of the United States Virgin Islands for the account of the Treasury of the United States Virgin Islands, and shall render to the Governor a full accounting of such properties and proceeds of the sale. All contracts theretofore entered into, to which the district is a party, shall remain in force and effect for the period provided in such contracts.