Disposition of Funds Upon Termination. Upon termination of any program of the Authority, the Authority shall retain in a liquidation fund such sums up to the entire amount held by the Authority for the benefit of the Participants in such program as the Board deems sufficient to pay the remaining obligations of the program. In the alternative, the Authority may insure or reinsure all outstanding liabilities of Participants in such program. Any funds remaining after termination of a program of the Authority, after adequate provision for all liabilities and claims thereunder, shall be distributed to the then-current Participants in the same proportion as each Participant’s total contributions paid by that Participant, reduced by the amount of losses and allocated claims expenses paid on behalf of that Participant, bear to all contributions paid by all Participants, reduced by the total losses and allocated claims expenses paid on behalf of all Participants from the inception of that program to its termination. If the Authority insures or reinsures all outstanding liabilities of Participants, any funds remaining in excess of amounts necessary to pay the cost of such insurance or reinsurance shall be distributed to Participants in accordance with this Section, not later than twelve (12) months after payment of the final insurance or reinsurance premium. If the Authority elects to liquidate the liabilities by means of a liquidation fund, any excess funds shall be distributed not later than twenty-five
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Samples: Joint Powers Authority Agreement, Joint Powers Authority Agreement, Joint Powers Authority Agreement
Disposition of Funds Upon Termination. Upon termination of any program of the Authority, the Authority shall retain in a liquidation fund such sums up to the entire amount held by the Authority for the benefit of the Participants in such program as the Board deems sufficient to pay the remaining obligations of the program. In the alternative, the Authority may insure or reinsure all outstanding liabilities of Participants in such program. Any funds remaining after termination of a program of the Authority, after adequate provision for all liabilities and claims thereunder, shall be distributed to the then-current Participants in the same proportion as each Participant’s total contributions paid by that Participant, reduced by the amount of losses and allocated claims expenses paid on behalf of that Participant, bear to all contributions paid by all Participants, reduced by the total losses and allocated claims expenses paid on behalf of all Participants from the inception of that program to its termination. If the Authority insures or reinsures all outstanding liabilities of Participants, any funds remaining in excess of amounts necessary to pay the cost of such insurance or reinsurance shall be distributed to Participants in accordance with this Section, not later than twelve (12) months after payment of the final insurance or reinsurance premium. If the Authority elects to liquidate the liabilities by means of a liquidation fund, any excess funds shall be distributed not later than twenty-fivefive (25) years following the date of termination. Board shall determine such distribution within six months after disposal of the last pending claim or loss covered by the program being terminated.
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Samples: Joint Powers Authority Agreement