The Portage Area Regional Transportation Authority may be terminated and dissolved at any time by appropriate action by its Board and by the legislative authority of each participating subdivision member of the Authority at the time, which action which shall state a date on which the Authority shall is to be terminated and shall become effective upon the filing of a copy of each action with the Authority Secretary-Treasurer and with the Clerk of the legislative authority of each then participating subdivision member of the Authority.
Before any date fixed for termination, the Authority shall proceed to conclude its affairs, fulfill or discharge or provide for the fulfillment or discharge of its contracts, collect its assets, sell its assets for cash at public or private sale, discharge or pay or provide for the discharge and payment of its liabilities and do all other acts necessary or appropriate to liquidate its business and existence. On the date fixed for termination, the Authority after paying or making adequate provision for the payments of its liabilities shall distribute its remaining assets to the then participating subdivision members of the Authority, allocated on the basis of population as determined at the most recent decennial census. After the date fixed for termination, the Authority, the Board, and officers of the Board or Authority may continue to function as such for the sole purpose of concluding the affairs of the Authority in the same manner as if the termination had not taken place. In doing so, the Board members shall not be deemed to be trustees for the assets of the Authority and the title to those assets shall remain in the Authority until transferred by it. Until the conclusion of winding up the affairs of thet Authority the then existing agreement provided for the existence and operations and Authority bylaws, shall continue in full force and effect.
(Ord. 2006-124. Passed 11-01-06.)