Monday, October 24, 2011

What Happens to the CFPUA's Property if It's Dissolved?

I finally got a look at the Interlocal Agreement, so here it is.

Pg. 29:
If the Authority is dissolved or otherwise ceases to operate the System and no successor or governmental agency of which the County and City are members has been designated to operate such facilities, then and subject to any bond indentures and other documents evidencing indebtedness of the Authority, the Authority's Real Property and personal property transferred by the Localities to the Authority shall be returned to the respective Locality that owned such property prior to the transfer.  Any additional assets of the Authority shall revert in ownership to the County and the City with each owning a fifty percent (50%) undivided interest therein.
Can the Interlocal Agreement be changed?

Section 8.6:

This Agreement may not be modified, altered or changed in any manner whatsoever except by a written agreement signed by all of the Parties.
Ooooh, looks like it can be changed.

Also, as far as I can tell, it would just require a majority vote of the Council, the Commission, and the Authority board.

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