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b) Upon the withdrawal from the ILJAOC of a sufficient number of the Member <br />Agencies that results in a lack of effectiveness as determined by a two- <br />thirds vote of the remaining Board Members; and <br />1. Full satisfaction of all outstanding financial obligations of the ILJAOC; <br />and <br />2. All other contractual obligations of the ILJAOC have been satisfied. <br />7.03 In the event of the termination of this Agreement, any funds remaining <br />following the discharge of all obligations shall be disposed of by returning to each current <br />Member Agency of the ILJAOC immediately prior to the termination of this Agreement, a <br />share of such funds proportionate to the contribution made to the ILJAOC by said Member <br />Agency, to the extent determined by the Board in its sole discretion to be fair and <br />equitable. <br />7.04 Notwithstanding any other provisions of this Agreement, the Member <br />Agencies agree to abide by the following procedure for selling of equipment in the event <br />this Agreement is terminated. The equipment shall be given a fair market value by an <br />appraiser agreed upon by the Board. Before the equipment is sold on the open market, <br />the Member Agencies each shall have the right to purchase the equipment at a price and <br />under terms as agreed upon by the Board, which may include a financing arrangement <br />for the purchaser to allow for a transition period after the termination of this Agreement. <br />If an agreement cannot be reached concerning a purchase of the equipment, then it shall <br />be sold on the open market. Proceeds from the sale of equipment upon termination of <br />the Agreement shall be distributed to the Member Agencies in a manner consistent with <br />the cost -sharing format outlined in Paragraph 4.06 (a), (b), and (c) of this Agreement, and <br />any modifications to that formula adopted by the Board. <br />8.01 Amendments <br />V I I I <br />MISCELLANEOUS <br />20 <br />