Common use of Contingencies to Closing Clause in Contracts

Contingencies to Closing. The closing of the transfer of assets and assumption of liabilities by the NEW TA is contingent upon all of the following occurring on terms acceptable to all parties: a. The creation of New TA by Washtenaw County. b. AATA and New TA obtaining all necessary approvals for the transfer of assets and assumption of obligations and liabilities, including approvals that may be required from federal and state agencies, or other lenders who provided funding for those assets and consents from parties to contracts with AATA. c. AATA taking such necessary actions by its governing body to terminate its operational agreement with Xxx Arbor effective at closing. d. In exchange for the mayor’s nomination with council confirmation, of seven directors of New TA’s board, annual submission to Xxx Arbor of the AATA’s proposed budget and yearly audit and the New TA’s agreement to apprise Xxx Arbor City Council and solicit Council’s advice prior to making major long-term policy actions concerning mass transportation services and at a minimum, the continued level of services provided by its predecessor-in-interest AATA, Xxx Arbor agrees (i) take such necessary actions by its governing body to terminate its operational agreement with AATA effective at closing; (ii) take such necessary actions by its governing body to authorize the execution and delivery of this Agreement and all documents and instruments contemplated by this Agreement, and the performance by Xxx Arbor of the obligations to be performed by it hereunder; and (iii) designate the New TA, as successor to AATA, as the contracting agency for use of the 2.5 xxxxx tax xxxx under Section 8.18 of the Xxx Arbor City Charter and allocated the tax levy in its entirely to AATA at the 2012 millage rate or as adjusted by State of Michigan statute less a municipal service charge of one percent (1%) of the annual millage at the time of the collection of taxes upon transfer from an Act 55 to an Act 196 authority. e. In exchange for the City of Ypsilanti mayor’s nomination with council confirmation, of one director of New TA’s board, the new TA agreement to apprise and solicit the Ypsilanti City Council’s advice prior to making major long-term policy actions concerning mass transportation, and at a minimum, the continued level of services provided by its predecessor-in-interest, AATA the City of Ypsilanti agrees to pay its charter transportation millage at the 2012 millage rate or as adjusted by State Statute to the New TA upon transfer from an Act 55 to an Act 196 authority. f. Authority-wide voter approval before December 31, 2014, of a New TA Act 196 funding source adequate to fund ongoing operations of New TA. Any ballot question submitted to the voters of the City of Xxx Arbor and/or the City of Ypsilanti shall clearly identify the new funding as additional to the existing millage.

Contingencies to Closing. The closing of the transfer of assets and assumption of liabilities by the NEW TA is contingent upon all of the following occurring on terms acceptable to all parties: a. The creation of New TA by Washtenaw County. b. AATA and New TA obtaining all necessary approvals for the transfer of assets and assumption of obligations and liabilities, including approvals that may be required from federal and state agencies, or other lenders who provided funding for those assets and consents from parties to contracts with AATA. c. AATA taking such necessary actions by its governing body to terminate its operational agreement with Xxx Arbor effective at closing. d. In exchange for the mayor’s nomination with council confirmation, of seven directors of New TA’s board, and annual submission to Xxx Arbor of the AATA’s proposed budget and yearly audit and the New TA’s agreement to apprise Xxx Arbor City Council and solicit Council’s advice prior to making major long-term policy actions concerning mass transportation services and at a minimum, the continued level of services provided by its predecessor-in-interest AATAservices, Xxx Arbor agrees Arbor’s agreement to (i) take such necessary actions by its governing body to terminate its operational agreement with AATA effective at closing; (ii) take such necessary actions by its governing body to authorize the execution and delivery of this Agreement and all documents and instruments contemplated by this Agreement, and the performance by Xxx Arbor of the obligations to be performed by it hereunder; and (iii) designate the New TA, as successor to AATA, as the contracting agency for use of the 2.5 xxxxx tax xxxx under Section 8.18 of the Xxx Arbor City Charter and allocated the tax levy in its entirely to AATA at the 2012 millage rate or as adjusted by State of Michigan statute less a municipal service charge of one percent (1%) of the annual millage at the time of the collection of taxes taxes. upon transfer from an Act 55 to an Act 196 authority. e. In exchange for the City of Ypsilanti mayor’s nomination with council confirmation, of one director of New TA’s board, the new TA agreement to apprise and solicit the Ypsilanti City Council’s advice prior to making major long-term policy actions concerning mass transportation, and and, at a minimum, the continued level of services provided by its predecessor-in-interest, AATA AATA, the City of Ypsilanti agrees to pay its charter transportation millage at the 2012 millage rate or as adjusted by State Statute to the New TA upon transfer from an Act 55 to an Act 196 authority. f. Authority-wide Countywide voter approval before December 31, 2014, of a New TA Act 196 funding source adequate to fund ongoing operations of New TA. Any ballot question submitted to the voters of the City of Xxx Arbor and/or the City of Ypsilanti shall clearly identify the new funding as additional to the existing millage.

Contingencies to Closing. The closing of the transfer of assets and assumption of liabilities by the NEW TA is contingent upon all of the following occurring on terms acceptable to all parties: a. The creation of New TA by Washtenaw County. b. AATA and New TA obtaining all necessary approvals for the transfer of assets and assumption of obligations and liabilities, including approvals that may be required from federal and state agencies, or other lenders who provided funding for those assets and consents from parties to contracts with AATA. c. AATA taking such necessary actions by its governing body to terminate its operational agreement with Xxx Arbor effective at closing. d. In exchange for the mayor’s nomination with council confirmation, of seven directors of New TA’s board, annual submission to Xxx Arbor of the AATA’s proposed budget and yearly audit and the New TA’s agreement to apprise Xxx Arbor City Council and solicit Council’s advice prior to making major long-term policy actions concerning mass transportation services and at a minimum, the continued level of services provided by its predecessor-in-interest AATA, Xxx Arbor agrees (i) take such necessary actions by its governing body to terminate its operational agreement with AATA effective at closing; (ii) take such necessary actions by its governing body to authorize the execution and delivery of this Agreement and all documents and instruments contemplated by this Agreement, and the performance by Xxx Arbor of the obligations to be performed by it hereunder; and (iii) designate the New TA, as successor to AATA, as the contracting agency for use of the 2.5 xxxxx tax xxxx under Section 8.18 of the Xxx Arbor City Charter and allocated the tax levy in its entirely to AATA at the 2012 millage rate or as adjusted by State of Michigan statute less a municipal service charge of one percent (1%) of the annual millage at the time of the collection of taxes upon transfer from an Act 55 to an Act 196 authority. e. In exchange for the City of Ypsilanti mayor’s nomination with council confirmation, of one director of New TA’s board, the new TA agreement to apprise and solicit the Ypsilanti City Council’s advice prior to making major long-term policy actions concerning mass transportation, and at a minimum, the continued level of services provided by its predecessor-in-interest, AATA the City of Ypsilanti agrees to pay its charter transportation millage at the 2012 millage rate or as adjusted by State Statute to the New TA upon transfer from an Act 55 to an Act 196 authority. f. Authority-wide voter approval before December 31, 2014, of a New TA Act 196 funding source adequate to fund ongoing operations of New TA. Any ballot question submitted to the voters of the City of Xxx Arbor and/or the City of Ypsilanti shall clearly identify the new funding as additional to the existing millagemillage and in Ypsilanti specifically authorize the continued collection and transfer of the full Charter Transportation millage to the new Act 196 TA.

Contingencies to Closing. The closing of the transfer of assets and assumption of liabilities by the NEW TA is contingent upon all of the following occurring on terms acceptable to all parties: a. The creation of New TA by Washtenaw County. b. AATA and New TA obtaining all necessary approvals for the transfer of assets and assumption of obligations and liabilities, including approvals that may be required from federal and state agencies, or other lenders agencies who provided funding for those assets = and consents from parties to contracts with AATA. c. AATA taking such necessary actions by its governing body to terminate its operational agreement with Xxx Arbor effective at closing. d. In exchange for the mayor’s nomination with council confirmation, of seven directors of New TA’s board, and annual submission to Xxx Arbor of the AATA’s proposed budget and yearly audit and the New TA’s agreement to apprise Xxx Arbor City Council and solicit Council’s advice prior to making major long-term policy actions concerning mass transportation services and at a minimum, the continued level of services provided by its predecessor-in-interest AATAservices, Xxx Arbor agrees Arbor’s agreement to (i) take such necessary actions by its governing body to terminate its operational agreement with AATA effective at closing; (ii) take such necessary actions by its governing body to authorize the execution and delivery of this Agreement and all documents and instruments contemplated by this Agreement, and the performance by Xxx Arbor of the obligations to be performed by it hereunder; and (iii) designate the New TA, as successor to AATA, as the contracting agency for use of the 2.5 xxxxx tax xxxx under Section 8.18 of the Xxx Arbor City Charter and allocated the tax levy in its entirely to AATA at the 2012 millage rate or as adjusted by State of Michigan statute less a municipal service charge of one percent (1%) of the annual millage at the time of the collection of taxes taxes. upon transfer from an Act 55 to an Act 196 authority. e. In exchange for the City of Ypsilanti mayor’s nomination with council confirmation, of one director of New TA’s board, and the new TA agreement to apprise and solicit the Ypsilanti City Council’s advice prior to making major long-term policy actions concerning mass transportation, and at a minimum, the continued level of services provided by its predecessor-in-interest, AATA the City of Ypsilanti agrees to pay its charter transportation millage at the 2012 millage rate or as adjusted by State Statute to the New TA upon transfer from an Act 55 to an Act 196 authority. f. Authority-wide Countywide voter approval before December 31, 2014, of a New TA Act 196 funding source adequate to fund ongoing operations of New TA. Any ballot question submitted to the voters of the City of Xxx Arbor and/or the City of Ypsilanti shall clearly identify the new funding as additional to the existing millage.

Contingencies to Closing. The closing of the transfer of assets and assumption of liabilities by the NEW TA is contingent upon all of the following occurring on terms acceptable to all parties: a. The creation of New TA by Washtenaw County. b. AATA and New TA obtaining all necessary approvals for the transfer of assets and assumption of obligations and liabilities, including approvals that may be required from federal and state agencies, or other lenders who provided funding for those assets and consents from parties to contracts with AATA. c. AATA taking such necessary actions by its governing body to terminate its operational agreement with Xxx Arbor effective at closing. d. In exchange for the mayor’s nomination with council confirmation, of seven directors of New TA’s board, and annual submission to Xxx Arbor of the AATA’s proposed budget and yearly audit and the New TA’s agreement to apprise Xxx Arbor City Council and solicit Council’s advice prior to making major long-term policy actions concerning mass transportation services and at a minimum, the continued level of services provided by its predecessor-in-interest interest, AATA, Xxx Arbor agrees Arbor’s agreesment to (i) take such necessary actions by its governing body to terminate its operational agreement with AATA effective at closing; (ii) take such necessary actions by its governing body to authorize the execution and delivery of this Agreement and all documents and instruments contemplated by this Agreement, and the performance by Xxx Arbor of the obligations to be performed by it hereunder; and (iii) designate the New TA, as successor to AATA, as the contracting agency for use of the 2.5 xxxxx tax xxxx under Section 8.18 of the Xxx Arbor City Charter and allocated the tax levy in its entirely to AATA at the 2012 millage rate or as adjusted by State of Michigan statute less a municipal service charge of one percent (1%) of the annual millage at the time of the collection of taxes taxes. upon transfer from an Act 55 to an Act 196 authority. e. In exchange for the City of Ypsilanti mayor’s nomination with council confirmation, of one director of New TA’s board, the new TA agreement to apprise and solicit the Ypsilanti City Council’s advice prior to making major long-term policy actions concerning mass transportation, and at a minimum, the continued level of services provided by its predecessor-in-interest, AATA AATA, the City of Ypsilanti agrees to pay its charter transportation millage at the 2012 millage rate or as adjusted by State Statute to the New TA upon transfer from an Act 55 to an Act 196 authority. f. County Authority-wide voter approval before December 31, 2014, of a New TA Act 196 funding source adequate to fund ongoing operations of New TA. Any ballot question submitted to the voters of the City of Xxx Arbor and/or the City of Ypsilanti shall clearly identify the new funding as additional to the existing millage.

Contingencies to Closing. The closing of the transfer of assets and assumption of liabilities by the NEW TA is contingent upon all of the following occurring on terms acceptable to all parties: a. The creation of New TA by Washtenaw County. b. AATA and New TA obtaining all necessary approvals for the transfer of assets and assumption of obligations and liabilities, including approvals that may be required from federal and state agencies, or other lenders who provided funding for those assets and consents from parties to contracts with AATA. c. AATA taking such necessary actions by its governing body to terminate its operational agreement with Xxx Arbor effective at closing.. d. d. In exchange for the mayor’s nomination with council confirmation, of seven directors of New TA’s board, annual submission to Xxx Arbor of the AATA’s proposed budget and yearly audit and the New TA’s agreement to apprise Xxx Arbor City Council and solicit Council’s advice prior to making major long-term policy actions concerning mass transportation services and at a minimum, the continued level of services provided by its predecessor-in-interest AATA, Xxx Arbor agrees (i) take such necessary actions by its governing body to terminate its operational agreement with AATA effective at closing; (ii) take such necessary actions by its governing body to authorize the execution and delivery of this Agreement and all documents and instruments contemplated by this Agreement, and the performance by Xxx Arbor of the obligations to be performed by it hereunder; and (iii) designate the New TA, as successor to AATA, as the contracting agency for use of the 2.5 xxxxx tax xxxx under Section 8.18 of the Xxx Arbor City Charter and allocated the tax levy in its entirely to AATA at the 2012 millage rate or as adjusted by State of Michigan statute less a municipal service charge of one percent (1%) of the annual millage at the time of the collection of taxes upon transfer from an Act 55 to an Act 196 authority.the e. In exchange for the City of Ypsilanti mayor’s nomination with council confirmation, of one director of New TA’s board, the new TA agreement to apprise and solicit the Ypsilanti City Council’s advice prior to making major long-term policy actions concerning mass transportation, and at a minimum, the continued level of services provided by its predecessor-in-interest, AATA the City of Ypsilanti agrees to pay its charter transportation millage at the 2012 millage rate or as adjusted by State Statute to the New TA upon transfer from an Act 55 to an Act 196 authority. f. Authority-wide voter approval before December 31, 2014, of a New TA Act 196 funding source adequate to fund ongoing operations of New TA. Any ballot question submitted to the voters of the City of Xxx Arbor and/or the City of Ypsilanti shall clearly identify the new funding as additional to the existing millage.

Contingencies to Closing. The closing of the transfer of assets and assumption of liabilities by the NEW TA is contingent upon all of the following occurring on terms acceptable to all parties: a. The creation of New TA by Washtenaw County. b. AATA and New TA obtaining all necessary approvals for the transfer of assets and assumption of obligations and liabilities, including approvals that may be required from federal and state agencies, or other lenders who provided funding for those assets and consents from parties to contracts with AATA. c. AATA taking such necessary actions by its governing body to terminate its operational agreement with Xxx Arbor effective at closing. d. In exchange for the mayor’s nomination with council confirmation, of seven directors of New TA’s board, annual submission to Xxx Arbor of the AATA’s proposed budget and yearly audit and the New TA’s agreement to apprise Xxx Arbor City Council and solicit Council’s advice prior to making major long-term policy actions concerning mass transportation services and at a minimum, the continued level of services provided by its predecessor-in-interest AATA, Xxx Arbor agrees (i) take such necessary actions by its governing body to terminate its operational agreement with AATA effective at closing; (ii) take such necessary actions by its governing body to authorize the execution and delivery of this Agreement and all documents and instruments contemplated by this Agreement, and the performance by Xxx Arbor of the obligations to be performed by it hereunder; and (iii) designate the New TA, as successor to AATA, as the contracting agency for use of the 2.5 xxxxx tax xxxx under Section 8.18 of the Xxx Arbor City Charter and allocated the tax levy in its entirely to AATA at the 2012 millage rate or as adjusted by State of Michigan statute less a municipal service charge of one percent (1%) of the annual millage at the time of the collection of taxes upon transfer from an Act 55 to an Act 196 authority. e. In exchange for the City of Ypsilanti mayor’s nomination with council confirmation, of one director of New TA’s board, the new TA agreement to apprise and solicit the Ypsilanti City Council’s advice prior to making major long-term policy actions concerning mass transportation, and at a minimum, the continued level of services provided by its predecessor-in-interest, AATA the City of Ypsilanti agrees to pay its charter transportation millage at the 2012 millage rate or as adjusted by State Statute to the New TA upon transfer from an Act 55 to an Act 196 authority. f. Authority-wide voter approval before December 31, 2014, of a New TA Act 196 funding source adequate to fund ongoing operations of New TA. Any ballot question submitted to the voters of the City of Xxx Arbor and/or the City of Ypsilanti shall clearly identify the new funding as additional to the existing millage. As approved by Xxx Arbor city council on March 5, 2012.

Contingencies to Closing. The closing of the transfer of assets and assumption of liabilities by the NEW TA is contingent upon all of the following occurring on terms acceptable to all parties: a. The creation of New TA by Washtenaw County. b. AATA and New TA obtaining all necessary approvals for the transfer of assets and assumption of obligations and liabilities, including approvals that may be required from federal and state agencies, or other lenders who provided funding for those assets and consents from parties to contracts with AATA. c. AATA taking such necessary actions by its governing body to terminate its operational agreement with Xxx Arbor effective at closing. d. In exchange for the mayor’s nomination with council confirmation, of seven directors of New TA’s board, annual submission to Xxx Arbor of the AATA’s proposed budget and yearly audit and the New TA’s agreement to apprise Xxx Arbor City Council and solicit Council’s advice prior to making major long-term policy actions concerning mass transportation services and at a minimum, the continued level of services provided by its predecessor-in-interest AATA, Xxx Arbor agrees (i) take such necessary actions by its governing body to terminate its operational agreement with AATA effective at closing; (ii) take such necessary actions by its governing body to authorize the execution and delivery of this Agreement and all documents and instruments contemplated by this Agreement, and the performance by Xxx Arbor of the obligations to be performed by it hereunder; and (iii) designate the New TA, as successor to AATA, as the contracting agency for use of the 2.5 xxxxx tax xxxx under Section 8.18 of the Xxx Arbor City Charter and allocated the tax levy in its entirely to AATA at the 2012 millage rate or as adjusted by State of Michigan statute less a municipal service charge of one percent (1%) of the annual millage at the time of the collection of taxes upon transfer from an Act 55 to an Act 196 authority. e. In exchange for the City of Ypsilanti mayor’s nomination with council confirmation, of one director of New TA’s board, the new TA agreement to apprise and solicit the Ypsilanti City Council’s advice prior to making major long-term policy actions concerning mass transportation, and at a minimum, the continued level of services provided by its predecessor-in-interest, AATA the City of Ypsilanti agrees to pay its charter transportation millage at the 2012 millage rate or as adjusted by State Statute to the New TA upon transfer from an Act 55 to an Act 196 authority. f. Authority-wide voter approval before December 31, 2014, of a New TA Act 196 funding source adequate to fund ongoing operations of New TA. Any ballot question submitted to the voters of the City of Xxx Arbor and/or the City of Ypsilanti shall clearly identify the new funding as additional to the existing millagemillage and in Ypsilanti specifically authorize the continued collection and transfer of the full Charter Transportation millage to the new Act 196 TA. As amended and approved by Ypsilanti city council on May 15, 2012.

Contingencies to Closing. The closing of the transfer of assets and assumption of liabilities by the NEW TA is contingent upon all of the following occurring on terms acceptable to all parties: a. The creation of New TA by Washtenaw County.. on March 5, 2012 b. AATA and New TA obtaining all necessary approvals for the transfer of assets and assumption of obligations and liabilities, including approvals that may be required from federal and state agencies, or other lenders who provided funding for those assets and consents from parties to contracts with AATA. c. AATA taking such necessary actions by its governing body to terminate its operational agreement with Xxx Arbor effective at closing. d. In exchange for the mayor’s nomination with council confirmation, of seven EIGHT directors of New TA’s board, annual submission to Xxx Arbor of the AATA’s proposed budget and yearly audit and the New TA’s agreement to apprise Xxx Arbor City Council and solicit Council’s advice prior to making major long-term policy actions concerning mass transportation services and at a minimum, the continued level of services provided by its predecessor-in-interest AATA, Xxx Arbor agrees (i) take such necessary actions by its governing body to terminate its operational agreement with AATA effective at closing; (ii) take such necessary actions by its governing body to authorize the execution and delivery of this Agreement and all documents and instruments contemplated by this Agreement, and the performance by Xxx Arbor of the obligations to be performed by it hereunder; and (iii) designate the New TA, as successor to AATA, as the contracting agency for use of the 2.5 xxxxx tax xxxx under Section 8.18 of the Xxx Arbor City Charter and allocated the tax levy in its entirely to AATA at the 2012 millage rate or as adjusted by State of Michigan statute less a municipal service charge of one percent (1%) of the annual millage at the time of the collection of taxes upon transfer from an Act 55 to an Act 196 authority. Said designation shall not become effective until AATA has submitted satisfactory evidence, which the City has independently confirmed, that the cost of the minimum level of service to the City under the NEW TA is equal to or greater than to the amount of millage funds levied and assigned to the NEW TA under this Article. After succession to the AATA, the NEW TA shall be required to maintain this level of services to millage funds relationship as a condition of continued assignment of the City tax levy. . e. In exchange for the City of Ypsilanti mayor’s nomination with council confirmation, of one director of New TA’s board, the new TA agreement to apprise and solicit the Ypsilanti City Council’s advice prior to making major long-term policy actions concerning mass transportation, and at a minimum, the continued level of services provided by its predecessor-in-interest, AATA the City of Ypsilanti agrees to pay its charter transportation millage at the 2012 millage rate or as adjusted by State Statute to the New TA upon transfer from an Act 55 to an Act 196 authority. f. Authority-wide voter approval before December 31, 2014, of a New TA Act 196 funding source adequate to fund ongoing operations of New TA. Any ballot question submitted to the voters of the City of Xxx Arbor and/or the City of Ypsilanti shall clearly identify the new funding as additional to the existing millage.. Draft of document with amendments proposed