1983 021 Ordinance - Laserfiche WebLink

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. „ ? advertising and receipt of bids. If any lands or interests in lands conveyed by the Municipality to the CIC are sold by the CIC at a price in excess of the consideration received by the Municipalitq from the CIC therefor, such excess shall be paid to the Municipality after deducting therefrom the following costs to the extent incurred by the CIC; the costs of acquisition and sale bq the CIC, taxes, assessments, costs of maintenance, costs of improvements to the land by the CIC, debt service charges of the CIC attributable to such lands or interests, and a reasonable service fee determined by the CIC. 2. The Municipality shall not be required to make any financial contributions to the CIC and nothing in this Agreement and Plan shall be construed as permitting the CIC to obligate the Municipality except as expressly set forth in this Agreement and Plan. 3. All costs of the CIC shall be paid solely from the funds of the CIC and the Municipality need not contribute any moneys to the CIC to meet its costs. In no event shall any moneys raised by taxation be obligated or pledged for the payment of any bonds or other obligations issued or guarantees made pursuant to this Agreement and Plan. 4. Not less than two-fifths of the governing board of the CIC shall be comprised of appointed or elected officers of the Municipality or other political subdivision designating the CIC as its agency pursuant to Section 1724.10, Ohio Revised Code. 5. In the event of any voluntary or involuntary dissolution or liquidation of the CIC, or in the event of failure to reinstate the Articles of Incorporation of the CIC after cancellation thereof, any remaining assets of the CIC shall be paid over and distributed as determined by the governing body of the CIC with the approval of the Court of Common Pleas of the Cuyahoga. County, Ohio, to one or more political subdivisions of the State of Ohio from which on the date of the dissolution, liquidation or cancellation of the Articles of the CIC there exists a designation of the CIC to act as agent for industrial, commercial, distribution and research development, to be used exclusively for designated civic projects or public charitable purposes. 6. The term of this Agreement and Plan shall commence on the date of its making and shall continue in effect thereafter except as otherwise in this paragraph provided. Upon the expiration of twelve months after either party shall have given to the other party notice of intention to withdraw from this Agreement and Plan, no further actions, agreements, contracts, liabilities or obligations shall be initiated or incurred pursuant to this Agreement and Plan, but any action, agreement, contract, liability or obligation which has been commenced, entered into, initiated or incurred prior to the expiration of such twelve month period shall not be affected by such withdrawal and this Agreement and Plan shall remain in full force and effect as to any such action, agreement, contract, liability or obligation and the CIC shall continue as the Agency of the Municipality under this Agreement and Plan and the designation made by the legislative authority of the Municipality in the confirming and authorizing this Agreement and Plan, as to all such actions, agreements, contracts, liabilities or obligations. Notice of withdrawal shall be given to the Municipality by delivering a copy of such notice to the office by the Clerk of the'legislative authority of the Municipality and to the CIC by delivering a copy of such notice to the person in charge of its principal office. - 6 -