The governing body may terminate this subchapter or the town's economic development plan or any or all project participation agreements undertaken under its authority. Termination of this subchapter shall be by ordinance at a public hearing. Termination of a project participation agreement shall be at a public meeting. If an ordinance or a project participation agreement is terminated, all contract provisions of the project participation agreement obligating the qualifying entity including those regarding termination shall be satisfied. Upon termination of the ordinance any town monies remaining in the town project accounts shall be transferred to the town's general fund.
(Ord. 690, passed 3-13-2013)