Laserfiche WebLink
jercent <br />t Value <br />et Value <br />Percent x 0.70 ) + (Call <br />centage /100) x (Annual <br />»nditures) <br />jipment expenditures is <br />Fire Service Area Market <br />Value, and City Budget <br />ittached. <br />194 (Which includes the <br />ir Two Budget (for 1995), <br />re shown in Appendix C <br />its own fund for Major <br />'rolling stock' or similar <br />«ng the fire department <br />lify as Major Equipment <br />i of at least $20,000.00. <br />iurchased the following <br />When a Major Equipment item is to be purchased the following <br />process for sharing the funding will be used. <br />17.1 Funding <br />A. Long Lake will have the option of funding any percentage of the <br />total which is equal to or greater than the average of its last three City <br />Budget Percentages including the current calendar year. <br />B. Medina will have the option of funding the remaining amount. If <br />Medina does not wish to fund the total of the remaining amount, it <br />must find at least the average of its last three City Budget <br />Percentages including the current calendar year and may fund more if <br />it chooses. <br />C. Orono will fond the balance remaining to be funded after Long <br />Lake and Medina have specified their funding amounts. <br />17.2 Termination <br />In the event that this Agreement shall be terminated based upon the <br />method described In Section 9.5 or by mutual agreement of all the <br />Contracting Cities, Long Lake will have the right to purchase each <br />Contracting City's ownership share of each Major Equipment item at <br />the original amount funded by that dty. In the event that Long Lake <br />waives its right to acquire foil title to a particular Major Equipment <br />item, the Contracting City with the largest ownership share of that item <br />shall have the right to acquire fiJI title to the item by paying the amount <br />funded by each of the other Contracting Cities. If that City declines to <br />acquire foil title, the remaining Contracting City may acquire title on <br />the same terms. In the event that no Contracting City wishes to <br />acquire foil title to a particular Major Equipment item, it shall be Mid <br />and the proceeds of the sale divided between the Contracting Cities <br />pro-rata to their original funding. All Major Equipment items funded <br />during the term of the contract, including extensions, will be covered <br />by this terminating procedure. <br />The dissolution language applies to all equipment purchased, and <br />fond balances accrued, since January 1 of 1993. This language is not <br />intended to address any claim cities may have regarding equipment <br />purchased prior to January 1,1993.