Laserfiche WebLink
the accuired property and surplus money of Authority shall be <br />distributed to the withdrawing jurisdictions in proportion to the <br />aggregate of that member's contributions to Authority and TDA <br />funds claimed by Authority on behalf of such Member jurisdiction. <br />To facilitate such distribution, property may be distributed in <br />kind or reduced to cash by sale. Any distribution of cash, <br />including surplus moneys, to a member jurisdiction in excess of <br />its actual contributions to Authority shall be first approved by <br />the Metropolitan Transportation Commission (l4TC). If member <br />jurisdictions cannot agree upon the valuation of acquired <br />property or upon their distributive shares, the disagreement <br />shall be referred to a panel of three referees for decision. One <br />referee shall be appointed by the member disputing the valuation <br />or disposition. One referee shall be appointed by the members <br />supporting the valuation or distribution. One referee shall be <br />appointed by the two referees first appointed. <br />14. Term of Agreement. This agreement shall become <br />effective June 1, 1955, and shall remain in full force and effect <br />so long as there are two or more member jurisdictions. <br />15. Termination. Except as provided in paragraph 12a {for <br />Successor Public Entity), termination of this agreement shall be <br />effected only as follows: <br />a. Individual Member ~4ithdrawal. A member jurisdiction <br />may terminate its participation in this agreement and Authority <br />at any time, provided that such jurisdiction shall give one year <br />prior written notice of such termination to Authority and other <br />member jurisdictions. Notice of termination may be rescinded <br />-15- <br />