Common use of Termination Requirements Clause in Contracts

Termination Requirements. This Agreement may only be terminated by consent of all Members, and upon full and complete liquidation of all liabilities, including, but not limited to, the Revenue Bonds and other indebtedness, if any. Upon the date of termination (“Termination Date”), payment of any and all obligations and division of any and all assets of the Authority shall be conducted subject to the then applicable requirements of the law (currently Section 6511, et seq., of the Act) as follows: (a) In the event of termination of the Authority where there is a successor public entity that will conduct all of the activities and assume all of its obligations, any and all Authority assets and liabilities remaining upon termination shall be transferred to the successor public agency. (b) If there is no successor public agency that would conduct the Authority’s activities, all assets and liabilities, including surplus money, shall be apportioned to each Member in proportion to population. (c) If there is a successor public agency that would conduct some of the Authority’s activities, then the Board shall allocate the Authority’ assets and liabilities, including surplus money, between the successor public agency and the Members. In such case the Member’s portion of the allocation shall be based on subparagraph (b) above. (d) By unanimous agreement of the Members, assets and liabilities may be disposed of, divided or distributed on a basis different from that established in this Article 13.