Common use of Disposition of Property Upon Termination Clause in Contracts

Disposition of Property Upon Termination. Upon termination of this Agreement, the assets of the Authority shall be transferred to the Authority’s successor, provided that a public entity will succeed the Authority, or in the event that there is no successor public entity, to the Members in proportion to the contributions made by each Member. If the successor public entity will not assume all of the Authority’s assets, the Board shall distribute the Authority’s assets between the successor entity and the Members in proportion to the obligation described in Section 7.1 above or as otherwise approved by a 4/5 vote of the Board of Directors consistent with Section 6.8(3) above. With respect to revenue collected by the Authority through a fee(s) on extractors within the Basin, upon termination of this Agreement in the event of no successor public entity, the Board shall distribute any such revenue on hand to the Members in proportion to the amount of revenue collected from extractors within each Member’s service area or as otherwise required by law.

Disposition of Property Upon Termination. Upon termination of this Agreement, the assets of the Authority shall be transferred to the Authority’s successor, provided that a public entity will succeed the Authority, or in the event that there is no successor public entity, to the Members in proportion to the contributions made by each Member. If the successor public entity will not assume all of the Authority’s assets, the Board shall distribute the Authority’s assets between the successor entity and the Members in proportion to the obligation described in Section 7.1 above or as otherwise approved by a 4/5 an affirmative vote of three (3) of the Board of Directors consistent with Section 6.8(3) above. With respect to revenue collected by the Authority through a fee(s) on extractors within the Basin, upon termination of this Agreement in the event of no successor public entity, the Board shall distribute any such revenue on hand to the Members in proportion to the amount of revenue collected from extractors within each Member’s service area or as otherwise required by law.