83-055 - WA Cities Insurance Authority (WCIA)

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WCIA Interlocal Agreement October 1, 1991 Page 13 ARTICLE 23 Termination and Distribution (a) This Agreement may be terminated any time during the first three noncancelable years by the written consent of all Member Cities, and thereafter by the written consent of three fourths of the Member Cities, provided, however, that this Agreement and the Authority shall continue to exist for the purpose of disposing of all claims, distribution of assets and all other functions necessary to wind up the affairs of the Authority (b) Upon termination of this Agreement, all assets of the Authority shall be distributed only among the parties that have been Members of the Joint Protection Program, including any of those parties which previously withdrew pursuant to Article 20 or 21 of this Agreement, in accordance with and proportionate to their cash (including assessment) payments and property (at market value when received) contributions made during the term of this Agreement. The Board shall determine such distribution within six months after the last pending claim or loss covered by this Agreement has been finally disposed of (c) The Board is vested with all powers of the Authority for the purpose of winding up and dissolving the business affairs of the Authority These powers shall include the power to require Member Cities, including those which were Member Cities at the time the claim arose or at the time the loss was incurred, to pay their share of any additional amount of assessment deemed necessary by the Board for final disposition of all claims and losses covered by this Agreement. A City's share of such additional assessment shall be determined on the same basis as that provided for annual assessments in Article 13(d) and (e) of this Agreement, and shall be treated as if it were the next year's annual assessment for that City, subject to the limits described in Article 13(h) of this Agreement. ARTICLE 24 Provisions for By -Laws and Manual As soon as practicable after the first meeting of the Board of Directors, and within the first twelve months of the Authority's existence, the Board shall cause to be developed Authority By -Laws and a policy and procedure manual to govern the day -to -day operations of the Authority Each Member City shall receive a copy of any By -Laws, policy statement or manual developed under this Article ARTICLE 25 Notices Notices to Member Cities hereunder shall be sufficient if mailed to the office of the City Clerk of the respective Member City