Dissolution of the District Sample Clauses

Dissolution of the District. If the District is dissolved without the prior written approval of the City, this Agreement will automatically terminate and the City will have the right to annex all of the territory within the District for full purposes without restriction. No additional procedural or substantive requirements of State or local annexation law will apply to such annexation and dissolution, or to the annexation and dissolution ordinance. If the District is dissolved, the City, as the successor to the District, will have the authority to execute any documents and to do any and all acts or things necessary to transfer the District’s assets, obligations, indebtedness, and liabilities to the City.

Dissolution of the District a. If the District is dissolved for any reason prior to the Full Purpose Annexation Date, this Agreement shall automatically terminate and the City shall have the right to accelerate the Full Purpose Annexation Date without restriction. b. If the District is dissolved, the Board of Directors for the District shall continue to exist after the dissolution for the sole purpose of doing any and all acts or things necessary to transfer the assets, obligations, indebtedness, and liabilities to the City.

Dissolution of the District. In the event of the dissolution of the District, those revenues existing or receivable, real or other properties, fixed or other tangible assets and materials owned by or in the possession of the District as of the date of the District ceases to exist, shall be distributed and/or paid to those towns who were member towns one day prior to the date of such dissolution, upon a schedule of apportionment of distribution and/or payment to be fixed upon the relative respective contributions of operating and capital costs by the member towns to the Regional School District, while a member town of the Regional School District. The final reconciliation shall be confirmed by an audit. Nothing in this section shall be construed to substantially impair the rights and obligations of the District, or its member towns to pay all outstanding indebtedness of the District as set forth in Section XIII of this Agreement.

Dissolution of the District. (a) Upon the affirmative vote of Supervisors representing at least two-thirds of all votes entitled to be cast on behalf of all Members and comprising at least two-thirds of the Supervisors present, the Board may prepare a plan of dissolution for submission to the voters of the District at a special meeting of the District duly warned for such purposes. If the voters of the District present and voting at such special meeting of the District vote to dissolve the District, the District shall cease to conduct its affairs except insofar as may be necessary to complete the plan of dissolution and conclude its affairs. The Board of Supervisors shall cause a notice of the plan of dissolution to be mailed to each known creditor of the District and to the Vermont Secretary of State. (b) The plan of dissolution shall, at a minimum: (1) Identify and value all assets of the District; (2) Identify all liabilities of the District, including contract obligations; (3) Determine how the assets of the District shall be liquidated and how the liabilities and obligations of the District shall be paid, to include assessments against municipalities of the District; (4) Specify that any assets remaining after payment of all liabilities shall be apportioned and distributed among the municipalities according to the same basic formula used in apportioning the costs of the District to the municipalities. (c) When the plan of dissolution has been fully implemented, the Board shall certify that fact to the Members whereupon this Agreement and the District shall be terminated. SECTION 4.

Dissolution of the District. Subsection 6.02.b.ii. of the Agreement is deleted in its entirety and the following is substituted in its place:

Dissolution of the District. In the event the District dissolves, the proceeds from such dissolution shall be distributed as follows: (a) District administrative expenses, as such expenses are described in the annual budget adopted by the Board annually, shall be reimbursed fully to the extent funds are available and in the amounts paid by the Connecting Entities, and if sufficient funds are unavailable to fully reimburse the parties then the available funds shall be distributed among the Connecting Entities in proportion to the amounts paid by the Connecting Entities for District administrative expenses; and (b) any remaining balance shall be distributed to each Connecting Entity based on its then-current interest in the District’s System.

Dissolution of the District. This agreement shall continue in force until two-thirds of the remaining member school districts shall mutually agree to terminate this agreement and dissolve the Governing Board and District.

Dissolution of the District