Liabilities and Assets. Liabilities and assets of the BPWS shall be allocated annually among the Member Municipalities in proportion to the water consumed by each of them from the water supply facilities of the BPWS during the latest twelve month period for which figures are available on August 15th of each year. Such liabilities include principal, interest, operating, and maintenance costs of the existing BPWS and new projects replacing or expanding system components; debt; fund balance shortages; and damage claims. Such assets include title to real estate and proceeds from dissolution of the Commission. Other unlisted liabilities and assets shall be allocated in the same manner.
Appears in 2 contracts
Sources: Restated Agreement of Municipal Cooperation, Restated Agreement of Municipal Cooperation