Laserfiche WebLink
1 to those stated in the agreement to arbitrate. Each party to said arbitration will be given <br /> 2 an opportunity to be heard and to present evidence. Upon inclusion of the hearing or <br /> 3 hearings, the Board shall state its findings of fact and conclusions of law and decision in <br /> 4 writing and shall sign the same and deliver one signed copy thereof to each party to <br /> 5 said controversy. Such award shall be final and binding upon each party to such <br /> 6 controversy. A majority finding shall govern if the arbitrators' determination is not <br /> 7 unanimous. Each participant shall pay his own expenses, including the expenses of the <br /> 8 arbitrator which it nominates. The administrative costs of the arbitration proceedings <br /> 9 and the cost of the neutral arbitrator shall be shared equally by all of the parties to said <br /> 10 controversy who have submitted said matter to said arbitration. <br /> 11 <br /> 12 Section 2-420. Withdrawal from Authority. Disposition of Assets <br /> 13 This agreement shall terminate only upon its expiration by its terms or upon <br /> 14 agreement of all the Agencies, such agreement being authorized by the governing body <br /> 15 of each of the Agencies. Upon the termination of this Agreement, the Capital assets of <br /> 16 <br /> the Authority shall be divided among the then parties to the Agreement in proportion to <br /> 17 <br /> their investment in the Phase 1 orJoint Use Facilities as determined by Schedule A <br /> 18 <br /> 19 attached hereto. Remaining funds shall be divided among the then parties to this <br /> 20 Agreement in proportion to their contributions from inception of the Authority. <br /> 21 An Agency may not withdraw from the Authority, prior to the termination of the <br /> 22 Authority by expiration of its terms, unless such Agency has arrived at an agreement <br /> 23 with the Authority or another Agency which is a party to this agreement whereby the <br /> 24 Authority or said other Agency acquires all of the rights in this Agreement and in said <br /> 25 Authority of said Agency desiring to terminate and likewise assume all liability including <br /> 26 bonded indebtedness of said Agency desiring to terminate this Agreement. Each party <br /> 27 to this Agreement waives its right to seek a judicial portion of any interest it may have in <br /> 28 the Authority and/or in any assets of the Authority, including real property, <br /> 29 improvements which constitute a part of the real property, and/or personal property. <br /> 30 <br /> 31 <br /> 32 <br /> -24- <br /> 2336705.4 <br />