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Agenda - 05-18-2004-5m
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Agenda - 05-18-2004-5m
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Last modified
8/29/2008 9:24:18 PM
Creation date
8/29/2008 10:42:07 AM
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BOCC
Date
5/18/2004
Document Type
Agenda
Agenda Item
5m
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Minutes - 20040518
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\Board of County Commissioners\Minutes - Approved\2000's\2004
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23 <br />transition of the Undertaking may take up L-o one year following notice <br />of termination, In no event shall any Party terminate this Agreement <br />without first assuring that continuity of services will be maintained. <br />This Agreement may not be terminated without first giving written <br />notice to the Secretary. <br />The Parties agree that upon termination of this Agreement, any <br />budgetary surplus available to the LME at the time of its dissolution <br />shall be distributed among the Parties on the same pro rata basis that <br />each Party appropriated and contributed funds to the LME budget during <br />the duration of this Agreement. Distribution to the Parties shall be <br />determined on the basis of an audit of the financial record of the <br />LME. The Governing Board shall select a certified public accountant <br />or an accountant who is subsequently certified by the Local Government <br />Commission to conduct the audit. The audit shall be performed in <br />accordance with N.C.G.S. X159-34, Any liabilities of the LME existing <br />at the time of the termination of this Agreement shall be paid from <br />unobligated surplus funds available to the LME. If unobligated LME <br />surplus funds are not sufficient to satisfy the total indebtedness of <br />the LME, then the remaining unsatisfied indebtedness shall be <br />apportioned on the same pro rata basis that the Parties appropriated <br />and contributed funds to the LME during the duration of this <br />Agreement, <br />30. AMENDING THE AGREEMENT <br />Amendments to this Agreement shall be effective only when reduced <br />to writing, duly executed by the Parties and ratified by resolution of <br />the Board of Commissioners of each Party and spread upon its minutes. <br />
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