Laserfiche WebLink
<br />7.03 In theeent of the termination of this .ement, any funds <br />remaining following the discharge of all obligations shall be disposed of by <br />returning to each current Member Agency of the ILJAOC immediately prior to <br />the termination of this Agreement, a share of such funds proportionate to the <br />contribution made to the ILJAOC by said Member Agency, to the extent <br />determined by the Board in its sole discretion to be fair and equitable. <br /> <br />7.04 Notwithstanding any other provisions of the Agreement, the <br />Member Agencies agree to abide by the following procedure for selling of <br />equipment in the event the Agreement is terminated. The equipment shall be <br />given a fair market value by an appraiser agreed upon by the Board. Before the <br />equipment is sold on the open market, the Member Agencies each shall have <br />the right to purchase the equipment at a price and under terms as agreed upon <br />by the Board which may include a financing arrangement for the purchaser to <br />allow for a transition period after the termination of this Agreement. If an <br />agreement cannot be reached concerning a purchase of the equipment, then it <br />shall be sold on the open market. Proceeds from the sale of equipment upon <br />termination of the Agreement shall be distributed to the Member Agencies in a <br />manner consistent with the cost-sharing format outlined in Paragraph 4.06 (a), <br />(b), and (c) of this Agreement, and any modifications to that formula adopted by <br />the Board. <br /> <br />VIII <br />MISCELLANEOUS <br /> <br />8.01 Amendments. <br />This Agreement may be amended with the unanimous approval of all <br />Member Agencies; provided, however, that no amendment may be made that <br />would adversely affect the interests of the owners of bonds, letters of credit, or <br />other financial obligations of the ILJAOC. <br /> <br />19 <br />