Pursuant to the Joint Powers Agreement between the city and the Chico Redevelopment Agency, the Chico Public Financing Authority shall continue in existence as long as a bond or material contract to which the Chico Public Financing Authority is a party remains outstanding or is in effect, the authority owns any interest in any public capital improvements as defined in Section 6585(g) of the California Government Code, or the city and the agency mutually agree to terminate the authority, whichever last occurs. Upon termination of the Chico Public Financing Authority, all property of the Authority, both real and personal, shall be divided between the city and the Chico Redevelopment Agency in a manner to be determined by the city council, and all surplus money on hand shall be returned to the city and the agency in proportion to the contribution made.
(Ord. 1829 (part))