Common use of Supermajority Vote Clause in Contracts

Supermajority Vote. Notwithstanding Article II, Section 7, the following matters require a Supermajority Vote. A Supermajority Vote means 2/3 vote of the Board members present at any meeting at which a quorum is present: • The borrowing of funds or otherwise incurring any debt on behalf of the Transit Authority that has a repayment term that exceeds one year and $250,000. • Voluntarily permitting a lien to be placed on any equipment, assets, or property of the Transit Authority.