5.4. SR 01-11-1999 - Laserfiche WebLink

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. . . ratified by three-fourths of the governing bodies of all members within 60 days the Board shall terminate the agreement, allowing a reasonable time to complete work in progress and to dispose of personal property owned by the Board. 13.2 Upon dissolution, all property purchased or owned pursuant to this agreement shall be sold and the proceeds thereof, together with monies on hand, shall be distributed to the current members. Such distribution of assets shall be made in proportion to the total contributions by the respective members over the entire duration of this agreement. The Board shall continue to exist after dissolution for such period, no longer than six months, as necessary to complete its affairs, but for no other purpose. 14. Default. Upon failure of any member to contribute its financial obligation in a timely manner, or to fulfill any of its other material obligations under this agreement, the Board may expel a member upon a three-fourths vote. If an initial member is expelled for any reason and later desires to rejoin, such member will be considered an additional member and will not be entitled to appoint a Director. 15. Effective Date. This agreement shall be in full force and effect when all initial members (identified in Section 3.1 of this agreement), sign this agreement. All members need not sign the same copy. The signed agreement, along with a certified copy of the resolution authorizing the agreement, shall be filed with the City Clerk for the City of Elk River who shall notify all members in writing of its effective date and set a date and place for the Board's first meeting. Prior to the effective date of this' agreement, any signatory may rescind its approval. 16. Amendments. Any member may petition the Board or the Board on its own initiative may recommend changes in this agreement to its members. An amendment to this agreement shall become effective upon written agreement of three-fourths of the members.