RES 85123 - Laserfiche WebLink

Boards, Commissions, officers, agents and employees from any suits or actions at law or equity for damages caused, or alleged to have been caused, by reason of any of the aforesaid operations. 13. Disposition of Money and Property. This paragraph shall apply to distribution by Authority of its surplus money or ac- quired property. This paragraph shall not affect sale, transfer, or other disposition of property or money by Authority in the ordinary course of its activities necessary to fulfill the pur- poses of this agreement. a. Successor Public Entity. If by law another public entity has been created or designated to assume responsibility for providing public transportation services within all or sub- stantially all of the service area of Authority, the surplus mon- ey and acquired property of Authority may be transferred to such public entity upon its assumption of all (monetary) liabilities of Authority, and Authority shall thereafter terminate. b. Withdrawal of Member Jurisdiction. Upon withdrawal of one or more member jurisdictions as provided in paragraph 14, the acquired property and surplus money of Authority shall. be distributed to the withdrawing jurisdictions in proportion to the aggregate of that member's contributions to Authority and TDA funds claimed by Authority on behalf of such member jurisdiction. To facilitate such distribution, property may be distributed in kind or reduced to cash by sale. Any distribution of cash, in- cluding surplus moneys, to a member jurisdiction in excess of its actual contributions to Authority shall be first approved by the - 14 -