Laserfiche WebLink
DRAFT Comprehensive Fire Service Study MEDINA, MINNESOTA <br /> <br />Matrix Consulting Group Page 117 <br />upon the occurrence of any one of the following events, whichever occurs <br />first: <br /> <br />a. When the Parties, by written agreement approved by the governing <br />bodies of each Party constituting a majority of the Parties hereto, agree <br />to dissolve the Organization and terminate this Agreement. A <br />termination of this Agreement under this mechanism shall not be <br />effective for at least 12 months from its approval by a majority of the <br />Parties, unless an earlier termination date is approved by all the Parties. <br /> <br />b. When necessitated by operation of law or as a result of a decision by <br />a court of competent jurisdiction. <br /> <br />c. When necessitated based upon the failure to obtain the necessary <br />funding from the Parties or grant funding from the State of Minnesota <br />and/or the United States federal government. <br /> <br />23. Effect of Termination/Dissolution of Organization. <br /> <br />Upon termination of this Agreement, the Organization shall be <br />dissolved and the Board shall provide for the distribution of all of the <br />Organization’s funds and assets in the following manner: <br /> <br />a. The Board may determine to sell and liquidate any and all non - <br />monetary Organization assets prior to distribution that are not <br />otherwise owned by a Party individually. Upon dissolution, the Parties <br />will have 120 days to agree upon a division of the assets of the NAFRS <br />among themselves. The remaining property jointly acquired by the <br />Organization shall be sold for a reasonable price on competitive bids <br />and the proceeds divided among the owners in proportion to their <br />contribution to the purchase. The parties may be bidders at any such <br />sale. <br />b. Any and all personal property used by the Organization and owned <br />by a Party shall be returned to that Party upon dissolution. <br />c. Any remaining funds and assets shall be divided and distributed to the <br />Parties in proportion to the percentage of annual contribution of funds <br />by the Party to the Organization at the time of dissolution. <br />