Any local housing agency may by written resolution elect to dissolve, except that no such dissolution or any transfer of property pursuant to dissolution shall occur unless the following conditions are met:
(1) The governing body of the city or county which established the local housing agency so dissolving has consented thereto;
(2) The dissolving agency has designated another local housing agency or another city, county, or public agency of this state, which may be the city or county for which the agency was formed, as the transferee of its assets and liabilities in dissolution;
(3) The local housing agency, city, county, or other public agency receiving such property or assets and the political subdivision which established it consent thereto by resolution or ordinance; and
(4) All obligees of bonds or other evidences of indebtedness of such transferring or dissolving agency or the trustees for such obligees or the federal government if the bonds or other obligations are secured by any contract right pursuant to a contract between the transferring agency and the federal government have consented thereto in writing or as otherwise provided in the contracts. No such transfer shall in any way diminish or impair the obligations of any transferring agency.