A. Deactivation Of Pacific County Housing Authority: Upon activation of the joint authority, the Pacific County housing authority as established by Pacific County resolution 90-036 and the board to which members were appointed by Pacific County resolution 90-040 shall be officially deactivated. The assets of the Pacific County housing authority, including both real and personal property, and funding sources shall be transferred to the joint authority. The debts of the Pacific County housing authority shall be assumed by the joint authority. Any debt or other liability of the Pacific County housing authority which preexists the creation of the joint authority shall not be assumed by nor assigned to Pacific County, the city of Ilwaco, the city of Long Beach, the city of Raymond, or the city of South Bend.
B. Deactivation Authority: Upon deactivation of the joint authority, assets shall be applied and distributed pursuant to Revised Code of Washington 35.82.325; provided, however, that the Pacific County housing authority, if reactivated at the time of said deactivation, shall be entitled to the return of all assets held by it prior to the formation of the joint authority, and the Pacific County housing authority shall assume all debts encumbering and/or associated with said assets. (Ord. 801, 7-6-2005, eff. 7-6-2005)