Termination and Distribution. a. This Agreement continues until terminated by the written consent of a simple majority of the full Board; provided that: (1) this Agreement cannot be terminated until such time as all principal of and interest on any bonds and other forms of indebtedness that the RCEA may issue are paid in full; and (2) this Agreement and the RCEA continue to exist following termination for the purpose of disposing of all claims, distributing assets, and all other functions necessary to conclude the obligations and affairs of the RCEA. b. After completion of the RCEA’s purposes, any surplus money on deposit in any fund or account of the RCEA will be disposed of as required by law. The Board is vested with all powers of the RCEA for the purpose of concluding and dissolving its business affairs.
Appears in 3 contracts
Sources: Joint Powers Agreement, Joint Powers Agreement, Joint Powers Agreement