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included in the Annual Fire Services Capital Budget up to the budgeted amount, for the <br /> items budgeted. <br /> Each Contracting City agrees to maintain its own fund for capital expenditures. When a <br /> capital expenditure is to be made, the following process for sharing the funding will be <br /> used: <br /> A. Long Lake will have the option of funding any percentage of the total,which is <br /> equal to or greater than the average of its last three City Budget Percentages <br /> including the current calendar year. <br /> B. Orono will have the option of funding the remaining amount. If Medina does not <br /> wish to fund the total of the remaining amount, it must fund at least the average of <br /> its last three City Budget Percentages including the current calendar year and may <br /> fund more if it chooses. <br /> C. Medina will fund the balance remaining to be funded after Long Lake-and Orono <br /> have specified their funding amounts. <br /> 11.1. Disposition of Major Equipment Upon Termination <br /> In the event that this Agreement is terminated as provided in section 20 of this <br /> Agreement, Long Lake will have the right to purchase each Contracting City's <br /> ownership share of each Major Equipment item for cash at the original amount <br /> funded by that city. In the event Long Lake does not exercise its right to acquire <br /> the major equipment items within sixty(60) days of termination, it will have <br /> � waived its right to acquire full title to the equipment. If Long Lake waives its <br /> right to acquire full title to a particulaz Major Equipment item,the Contracting <br /> City with the largest ownership share of that item shall have the right to acquire <br /> full title to the item by paying the arnount funded by each of the other Contracting <br /> Cities. If that CiTy dec�ines to acquire full title, the remaining Contracting City <br /> may acquire title on the same terms. In the event that no Contracting City wishes <br /> to acquire full title to a particular Major Equipment item, it shall be sold and the <br /> proceeds of the sale divided between the Contracting Cities pro-rata to their <br /> original funding. All Major Equipment items funded during the term of the <br /> contract, including extensions, will be covered by this terminating procedure. <br /> The dissolution language applies to all equipment purchased, and fund balances <br /> accrued, since 3anuary 1 of 1993. This language is not intended to address any <br /> claim cities may have regarding equipment purchased prior to January 1, 1993. <br /> No contracting city shall have the right to transfer or encumber any major <br /> equipment purchased after January l, 1993. <br /> � <br />