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25J - AMEND JOINT POWERS AGMT
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08/18/2008
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25J - AMEND JOINT POWERS AGMT
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1/3/2012 4:29:08 PM
Creation date
8/13/2008 9:35:04 AM
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City Clerk
Doc Type
Agenda Packet
Item #
25J
Date
8/18/2008
Destruction Year
2013
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<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 BO:;lrd. <br /> <br />VIII <br />MISCELLANEOUS <br /> <br />8.01 Amendments. <br />This Agreement may be amended with the unanimoys 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 />8.02 Notices- <br />Any notice or instrument required to be given or delivered by depositing <br />the same in any United States Post Office, registered or certified, postage <br />prepaid, addressed to the Member Agencies. shall be deemed to have been <br />received by the Member Agency to whom the same is addressed at the <br /> <br />20 <br /> <br />25J-21 <br />
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