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C150038 Contract
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C150038 Contract
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Last modified
6/30/2010 1:16:33 PM
Creation date
10/5/2006 11:43:44 PM
Metadata
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Template:
Loan Projects
Contract/PO #
C150038
Contractor Name
Douglas County Water Resource Authority
Contract Type
Grant
Water District
0
County
Douglas
Loan Projects - Doc Type
Contract Documents
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I. ' �� ' , • ' • <br />ARTICLE VIII <br />Amendment <br />1. Amendment. Except as hereinatter provided, this Agreement and the contractual <br />obligations and rights hereunder, shall continue in full force and effect until amended or modified by <br />action of the governing bodies of all of the Study Participants. <br />ART'ICLE IX <br />Term, Ternunation a�d Withdrawal <br />1. Temt. This Agreement shali remain in full force and effect until the Study Boud, by <br />unanimous vote, determines that the Study has been completed ot shall be abandoned. <br />2. Termmation: - - - <br />a. pigtrihution of Assets. Except as provided in Section IX.2.b below, in the event <br />of the termination of this Agreement or the Establishing Contract and the dissoluuon of the Study, <br />all right, tiYle and interest of the Study assets shall be distributed to the Study Participants (who are <br />such at the time of dissolution) in proportion to the'u respective investment in the Study, whether such <br />investment be financial or in kind. <br />b. Settl�ment ofLiabilities. .In the event liabilities ue outstanding at the proposed <br />time of dissolution of the Study, the assets of the Study, after being offered for sale to the Study <br />Participants fot prices at least sufficient in the aggregate to pay such Gabilities, sha11, if unsold, be <br />offered to the Authority and thereafter to the Members of the Authority and thereafter to non- <br />members. In the euent that liabilities remain following divestiture of all of. the Study Assets, the Study <br />Participants shall pay such liabilities in equal shares, subject to annual budget and appropriations. <br />Each Study PaRicipant shall use best efforts to make funds available for the payment of such <br />liabilities. <br />c. . Treatment of Outstanding Obligations. In no event may this Agreement be <br />terminated or the Study dissolved if the Study has bonds, notes or other obligations outstanding, <br />uniess provision for fu(1 payment of such obligations by escrow or otherwise, has been made. <br />3. Withdrawal. Any Study Participant may withdraw from the Study as of the end of any <br />calendaz year by giving each of the Study Participants written notice thereof at Ieast 90 days prior to <br />the end of such calendaz yeaz, provided that at such withdrawal, the Study Participant shall pay all <br />of its obligations to the 5tudy to the effective date of its withdrawal. A Study Participant that fails <br />to appropriate or pay funds for the Study shall be deemed to have withdrawn from the Study on <br />January 1 of the yeaz for which payment was not made. <br />4. ov l. A Study Participant may be removed from the Study for cause by the <br />unanimous vote of all of the other Study Participants. <br />G:tl2570tl1SoulhMetroAgrcementlOwptl ' lo - <br />
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