Agenda Packets - 1983/01/10 - Laserfiche WebLink

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accordance with normal and accepted accounting procedures and principles used by ,"� Minnesota Statutory Cities. XI. WMTION Section 1. The Commission shall continue for an indefinite term unless the number of members shall became less than five. The Commission may also be terminated my mutual agreement of all of the members at any time. Section 2. In order to prevent obligation for its financial contribu- tion to the Commission for the ensuing year, a member shall withdraw from the Commission by filing a written notice with the secretary by October 15 of any year giving notice of withdrawal effective at the end of that calendar year; and membership shall continue until the effective date of the withdrawal. Prior to the effective date of withdrawal a notice of withdrawal may be rescinded at any time by a member. If a member withdraws before dissolution of the Commission, the member shall have no claim against the assets of the Commission. A member withdrawing after October 15 shall be obligated to pay its entire contribution for the ensuing year as outlined in the budget of the Commission for the ensuing year. Section 3. In the event of dissolution, the Commission shall deter- mine the measures necessary to affect the dissolution and shall provide for the taking of such measures as promptly as circumstances permit, subject to the pro- visions of this agreement. Upon dissolution of the Camission all remaining assets of the Commission, after payment of obligations, shall be distributed among the then existing members in proportion to the most recent member by member breakdown of the franchise fee as reported by the Grantee. The Commission shall continue to exist after dissolution for such period, no longer than six months, as is necessary to wind up its affairs but for no other Furpose. -9-