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Reso 1997-121 to 125
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Reso 1997-121 to 125
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
12/31/1997
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(a) A public entity may be admitted as a New Member only upon a two-thirds (2/3) <br />vote of the Board and upon complying with all other requirements established by the <br />Board and the Bylaws. <br />(b) Each applicant for membership as a New Member must pay all fees and expenses, <br />if any, set by the Board. <br />17. Withdrawal. Members may withdraw in accordance with conditions set forth in the <br />Bylaws provided that no Member may withdraw if such withdrawal would adversely affect <br />a bond or other indebtedness issued by ABAG POWER, except withdrawal under such <br />circumstances may be effected upon a [super -majority] vote of the Board. <br />18. Expulsion/Suspension. ABAG POWER may expel or suspend a Member by a two-thirds <br />(2/3) vote of the Board for a breach of this Agreement or the Bylaws determined by the <br />Board to be a material breach. The procedures for hearing and notice of expulsion of a <br />Member are provided in the Bylaws. <br />19. Termination and Distribution. <br />(a) This Agreement continues until terminated. However, it cannot be terminated until <br />such time as all principal of and interest on bonds and other forms of indebtedness issued <br />by ABAG POWER are paid in full. Thereafter, this Agreement may be terminated by the <br />written consent of two-thirds (2/3) of the Members; provided, however, that this <br />Agreement and ABAG POWER continue to exist after termination for the purpose of <br />disposing of all claims, distribution or assets and all other functions necessary to conclude <br />the obligations and affairs of ABAG POWER. <br />(b) After completion of ABAG POWER's purposes, any surplus money on deposit in <br />any fund or account of ABAG POWER will be returned as required by law. The Board is <br />vested with all powers of ABAG POWER for the purpose of concluding and dissolving <br />the business affairs of ABAG POWER. <br />20. Notices. Notice to each Member under this Agreement is sufficient if mailed to the <br />Member and separately to the Member's Director to their respective addresses on file with <br />ABAG POWER. <br />21. Prohibition Against Assignment. No Member may assign a right, claim, or interest it may <br />have under this Agreement. No creditor, assignee or third party beneficiary of a Member <br />has a right, claim or title to any part, share, interest, fund or asset of ABAG POWER. <br />However, nothing in this section prevents ABAG POWER from assigning any interest or <br />right it may have under this Agreement to a third party. <br />22. Amendments. This Agreement may be amended by an affirmative vote of the governing <br />bodies of [three -fourths (3/4)] of the Members acting through their governing bodies. A <br />6 ABAG POWER JPA <br />
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