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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 particular 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 amount funded by each of the other Contracting <br />Cities. If that City declines 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 January 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 1, 1993. <br />5 <br />