When property is contributed to the Authority in the form of money, the sum contributed shall be deemed the fair value of the contribution, the adoption of the respective ordinances and resolution being deemed an agreement in writing thereon as required by West Virginia Code 8-29-4. When property is contributed to the Authority in the form of real or personal property, an appraisal of same, by a competent appraiser, shall be submitted to the non-contributing governmental entity. In the event that the non-contributing governmental entity does not submit a written notice of dispute of the value of the contribution within thirty days of the contribution, the value designated in the appraisal shall be deemed the fair value of the contribution, the adoption of the respective ordinance and resolution being deemed an agreement in writing thereon as required by West Virginia Code 8-29-4. Provided, however, in the event notice of dispute is given, then the fair value shall be determined by arbitration. The City and County shall each appoint one arbitrator, and such arbitrators shall select a third arbitrator. The decision of the arbitrators shall be final.
(Ord. 876. Passed 8-27-91.)