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(c) The development of periodic reports to the Governing Board, the <br />Supervisory Committee and the Executive Director regarding <br />receipts, disbursements and the financial condition of the Alliance. <br />The Alliance, through the Fiscal Agent, shall retain an independent <br />certified public accountant each year to conduct a fiscal year end audit and <br />to prepare financial statements for the Alliance. <br />12. Withdrawal: Any participating City may withdraw from this Agreement <br />by filing written notice of intention to do so with the other cities. <br />Termination will take effect on July 1 of any year, provided there is a least <br />six months advance notice. The withdrawal of any party from this <br />Agreement shall in no way affect the rights and obligations of the <br />remaining Cities. If a City withdraws from this Agreement, it is not <br />entitled to return of any funds contributed to the Agency nor to the return <br />in cash or in kind of any materials or supplies contributed. Withdrawing <br />cities still are obligated for all payments due from them for the fiscal year <br />of the withdrawal. <br />13. Termination and Disposition of Property: This Agreement shall be <br />deemed terminated when only one City continues to participate, or when <br />all participating Cities choose to terminate it. Upon termination, all assets <br />shall be distributed in equal shares to the Cities still active at the time of <br />termination or to the one City continuing to participate or to a successor <br />agency designated by all of the remaining parties at the time of <br />termination, with the exception that if any surplus money of the Alliance <br />at the time of termination represents monetary contributions from still <br />active member Cities, said money shall be refunded to such Cities in <br />proportion to the contributions made. <br />14. Amendment: This Agreement may be amended from time to time with <br />the written consent of a majority of the participating Cities. <br />15. Insurance and Indemnification: The Alliance shall acquire such <br />insurance protection, including coverage for worker's compensation and <br />commercial general liability, as is necessary to protect the interests of the <br />Governing Board, the Cities, the Alliance staff, representatives, volunteers <br />and other participants. The Alliance shall, at its sole expense, assume the <br />defense of and indemnify and save harmless each party to this Agreement <br />and its respective councilmelnbers, officers, agents and employees, from <br />all claims, losses, damages, costs, injury and liability of every kind, nature <br />and description directly or indirectly arising from the performance of any <br />of the activities, programs or services of the Alliance, its Governing <br />Board, Supervisory Committee or staff. <br />768104.3 <br />