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when deemed appropriate by the Board. The Board will endeavor to maintain <br />adequate financial resources to fund ongoing operations of the VNET. <br />XIV. DISTRIBUTION OF ASSETS UPON TERMINATION <br />Upon termination of VNET, each participating jurisdiction shall retain sole <br />ownership of the equipment purchased and provided for its participating <br />VNET personnel. <br />Any VNET assets shall be equally divided among the participating jurisdictions <br />at the asset's fair market value upon termination. The value of the assets of <br />VNET shall be determined by using commonly accepted methods of valuation. <br />If two or more participating jurisdictions desire an asset, the final decision <br />shall be made by arbitration (described below). Any property not claimed <br />shall be declared surplus by the Board and disposed of pursuant to state law <br />for the disposition of surplus property. Proceeds from the sale or disposition <br />of any VNET property, shall, after payment of any and all costs of sale or <br />debts of the jurisdiction, be equally distributed to those jurisdictions <br />participating in VNET at the time of termination. In the event that one or <br />more jurisdictions terminate their participation in VNET, but VNET continues <br />to exist, the jurisdiction terminating participation shall be deemed to have <br />waived any right or title to any property owned by VNET or to share in the <br />proceeds at the time of termination. <br />Arbitration pursuant to this section shall occur as follows: <br />a. The jurisdictions interested in an asset shall select an Arbitrator to <br />determine which jurisdiction will receive the property. If the <br />jurisdictions cannot agree to an Arbitrator, the chiefs of the <br />jurisdictions participating in VNET upon termination shall meet to <br />determine who the Arbitrator will be. The Arbitrator may be any <br />person not employed by the jurisdictions that desire the property. <br />b. During a meeting with the Arbitrator, each jurisdiction interested in the <br />property shall be permitted to make an oral and/or written <br />presentation to the Arbitrator in support of its position. <br />C. At the conclusion of the presentation, the Arbitrator shall determine <br />which jurisdiction is to receive the property. The decision of the <br />Arbitrator shall be final and shall not be the subject of appeal or <br />review. <br />XV. LIABILITY, HOLD HARMLESS, AND INDEMNIFICATION <br />It is the intent of the participating jurisdictions to provide services of VNET <br />without the threat of being subject to liability to one another, and to fully <br />cooperate in the defense of any claims or lawsuits arising out of or connected <br />with VNET actions that are brought against the jurisdictions. To this end, the <br />participating jurisdictions agree to equally share responsibility and liability for <br />the acts omissions of their participating personnel when acting in furtherance <br />of this Agreement. In the event that an action is brought against any of the <br />participating jurisdictions, each jurisdiction shall be responsible for an equal <br />share of any award for or settlement of claims of damages, fines, fees, or <br />Valley Narcotics Enforcement Team Interlocal Agreement - 5 <br />