(1) On June 30, 1997, all items of property, real and personal, including office furniture and fixtures, books, documents, and records of the Colorado state fair authority, as it existed prior to said date, are transferred to the Colorado state fair authority, created in the department of agriculture, and shall become the property thereof.

(2) On and after June 30, 1997, whenever the Colorado state fair authority or the board of commissioners of the Colorado state fair authority, as they existed prior to June 30, 1997, is referred to or designated by any contract or other document in connection with the Colorado state fair and industrial exposition, such reference or designation shall be deemed to apply to the Colorado state fair authority and the board of commissioners of the Colorado state fair authority, created pursuant to section 35-65-401. All contracts entered into by the authority or its board prior to June 30, 1997, in connection with the Colorado state fair and industrial exposition, are hereby validated, with the Colorado state fair authority, created in the department of agriculture, succeeding to all rights and obligations under such contracts.

(3) No suit, action, or other judicial or administrative proceeding lawfully commenced prior to June 30, 1997, or which could have been commenced prior to said date, by or against the Colorado state fair authority, its board of commissioners, or any officer thereof in such officer's official capacity or in relation to the discharge of the official's duties shall abate by reason of the abolishment of the Colorado state fair authority and its board, as they existed prior to said date, and the creation, in the department of agriculture, of the Colorado state fair authority and the board of commissioners of the Colorado state fair authority.