If only one city or county remains as a participant in any regional housing agency, such regional housing agency shall become the local housing agency of the remaining city or county at the discretion of its governing body, or such regional housing agency shall be dissolved and its assets and liabilities transferred to another existing housing agency or to a city or county or other public agency in the manner provided for dissolution of a local housing agency under sections 71-15,108 to 71-15,111.