Laserfiche WebLink
<br />08/25/2008 <br /> <br />3.3. This Agreement may be terminated by consent of all Member Agencies, and upon full <br />and complete liquidation of all liabilities, including, but not limited to any bonds. Upon the date <br />of termination (hereinafter "Termination Date"), payment of any and all obligations and division <br />of any and all assets of HEART shall be conducted subject to the then-applicable requirements of <br />the law, pursuant to the following: <br /> <br />a. In the event of termination of HEART where there is a successor public agency <br />that will conduct all of the activities of HEART and will assume all of its obligations, any and all <br />HEART assets and liabilities remaining upon termination of HEART shall be transferred to the <br />successor public agency. <br /> <br />b. If there is no successor public agency that would conduct HEART's activities, all <br />assets and liabilities shall be apportioned to each Member Agency in proportion to the <br />contribution of each Member Agency's total contribution during the term of this Agreement. <br /> <br />c. If there is a successor public agency that would conduct some of HEART's <br />activities, then the Board shall allocate HEART's assets and liabilities between the successor <br />public agency and the Member Agencies each in proportion to its total contribution during the <br />term of this Agreement.. <br /> <br />d. In the event HEART is terminated under circumstances falling within (b) or (c) <br />above, all decisions of the Board with regard to determinations of amounts to be transferred to <br />the Member Agencies or any successor shall be final. <br /> <br />e. The obligations of HEART terminate on the Termination Date, and each Member <br />Agency shall pay all amounts owed to HEART prior to that date. In the event of default by a <br />Member Agency with regard to payment of amounts due, the obligation to pay all sums due to <br />HEART shall survive and remain in full force after the Termination Date. <br /> <br />f. By unanimous agreement of all then current Member Agencies, said current <br />Member Agencies may dispose of, divide, distribute, or return assets on a basis different from <br />that established in this Section 3. <br /> <br />g. The assets distributed pursuant to this Section 3 to Member Agencies will be used <br />for public purposes. <br /> <br />4. Governance <br /> <br />Page 5 of 18 <br />C:ISharedIHEART SMClAdminislrationlOrg DocumentslJPA RevisionlJPA redlined revision Final June08.doc <br /> <br />RD 08-07 <br />MUFF #304 <br />