11-10-1997 Council Packet - Laserfiche WebLink

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I '■ 17.1 Funding A. Long Lake will have the option of funding any percentage of the total which is equal to or greater than the average of its last three City Budget Percentages including the current calendar year. B. Medina will have the option of funding the remaining amount. If Medina does not wish to fund the total of the remaining amount, it must find at least the average of its last three City Budget Percentages including the current calendar year and may fund more if it chooses. C. Orono will fund the balance remaining to be funded after Long Lake and Medina have specified their funding amounts. 17.2 Termination In the event that this Agreement shall be terminated based upon the method described In Section 9.5 or by mutual agreement cf all the Contracting Cities. Long Lake vwll have the right to purchase each Contracting City’s ownership share of each Major Equipment item at the original amount funded by that city. In the event that Long Lake waives its right to acquire full title to a particular Major Equipment item, the Contracting City with the largest ownership share of that item shall have the right to acqu-re full title to the Item by paying the amount funded by each of the other Contracting Cities. If that City declines to acquire full title, the remaining Contracting City may acquire title on the same terms. In the event that no Contracting City wishes to acquire full title to a particular Major Equipment item, It shall be sold and the proceeds of the sale divided between the Contracting Cities pro-rata to their original funding. All Major Equipment items funded during the term of the contract, including extensions, will be covered by this terminating procedure. The dissolution language applies to all equipment purchased, and fund balances accrued, since January 1 of 1993. This language is not intended to address any claim cities may have regarding equipment purchased prior to January 1,1 D93. 18. Termination of this Agreement This Agreement may be terminated by either the method detailed in Section 9 or by mutual agreement of all Contracting Cities. Upon termination, the method described in Section 17 will be used lo distribute Major Equipment assets and the audit of operating costs for the final year of the Agreement shall govern the handling of amounts due between the Contracting Cities. All incidental materials and equipment will remain with the Long Lake Fire Department. 19. Special Provision for the City of Medina The objective of this Agreement is to provide a three year continuation of Fire Protection Seivi(^ for the Contracting Cities under known terms and within agreed upon financial limits in exchange for a commitment by each Contracting City to participate for a minimum of three years. Notwithstanding that, the Cities of Long Lake and Orono extend to the City of Medina the Fire Protection terms of this Agreement during the years 1998, 1999 and 8