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XII. FINANCIAL REQUIREMENTS <br />This agreement is being entered into to establish a Combined Regional Emergency Service Unit. <br />CONTRIBUTION <br />Each member city shall provide all equipment and supplies for its participating team members <br />Each participating city shall budget sufficient funds to update, replace, repair, and maintain the <br />equipment and supplies utilized by its participating team members. Each participating city shall <br />budget sufficient funds to provide for training of its participating team members. <br />The SWAT Commander shall be responsible for prepanng an annual budget proposal for review <br />and approval be the Executive Board. <br />Each member city shall maintain an independant budget system to account for funds allocated <br />and expended by its participating team members. <br />XIII. TERMINATION <br />Termination shall be in accordance with those procedures set forth in prior sections Each <br />participating mumcipahty shall retain sole ownership of equipment purchased and provided to <br />it's participating team members Any acquired Unit assets shall be equally divided among the <br />participating cities at the assets fair market value upon termination. The value of the assets of <br />the Unit shall be determined by using commonly accepted methods of valuation. If two or more <br />participating cities desire an asset the final decision shall be made by arbitration (described <br />below) Any property not claimed shall be declared surplus by the Executive Board and disposed <br />of pursuant to State law for the disposition of surplus property <br />The proceeds from the sale or disposition of any Unit property, after payment of any and all costs <br />of sale or debts of the agency, shall be equally distributed to those canes participatuig in the Unit <br />at the time of dissolution in proportion to that city's percentage of participation in the Unit as <br />of the date of dissolution <br />XIV COMPLIANCE WITH THE LAW <br />The Unit, and all its members shall comply with all Federal, State and local laws effecting the <br />Unit. <br />5 <br />