Dissolution and Wind Up Clause Samples

Dissolution and Wind Up. In the event that ¾ of all Parties to this Agreement vote to permanently terminate and dissolve the Agency as provided in Section 2.2.2 above, the dissolution motion shall provide an estimated timeline for the dissolution and shall name two Board members responsible for overseeing the Agency Director or a Board designee during the dissolution process. The Agency Director or a Board designee shall take immediate steps to begin to permanently terminate and dissolve the Agency. Such dissolution steps shall include but are not limited to the following: 24.1 Providing written notice to all Agency elected officials, employees, agents, or contractors of the pending dissolution, including the proposed timeline for a final dissolution and the Agency’s expected process for ending employment relationships. 24.2 Notification to all neighboring governments, all necessary State and federal agencies, and all Agency partners of such dissolution. 24.3 Creation of a budget document which shall account for all Agency funds, revenues, and assets and all Agency debts and financial responsibilities. 24.4 Satisfaction of all Agency debts and financial responsibilities. 24.5 Any funds or revenues remaining in Agency accounts after satisfying all Agency debts and financial responsibilities shall be distributed to the Parties in proportion to their funding contribution to the Agency, as calculated over the Agency’s final twelve (12) months. Such distribution plan shall be documented in writing and shall be provided to all Parties prior to distribution. 24.6 Agency personal property, equipment and furnishings not identified for return to a third party shall be sold in accordance with applicable public contracting and procurement law; after ensuring payment or satisfaction of all Agency debts or financial responsibilities, the funds from such sale shall be distributed to the Parties in proportion to their funding contribution to the Agency, as calculated over the preceding three (3) year period. Such distribution plan shall be documented in writing and provided to all Parties prior to distribution. 24.7 Any other actions or decisions required to fully dissolve the Agency, as determined by the Agency Director or a Board designee and the two (2) Board members identified to oversee the dissolution. AGREED UPON TO AND ENTERED INTO by the appropriate officer(s) who are duly authorized by resolution to execute this Agreement on behalf of the governing body of the below-named unit of local ...