(a)(1) Subject to the provisions of subsection (b) of this section, a member may vote to withdraw from this chapter in the same manner as it votes to adopt the chapter if three years have elapsed since the Authority has become a body politic and corporate and if the Authority has not voted to bond for construction and improvements, all in accordance with 24 V.S.A. § 4863(g).
(2)The provisions of 24 V.S.A. § 4863(i) and (j) shall apply so that any vote of withdrawal taken less than one year from the time the Authority has become a body politic and corporate or any vote of withdrawal taken after the Authority has voted to bond for construction and improvements shall be null and void.
(3)The membership of a withdrawing member shall terminate as of one year following a valid vote to withdraw
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(a)(1) Subject to the provisions of subsection (b) of this section, a member may vote to withdraw from this chapter in the same manner as it votes to adopt the chapter if three years have elapsed since the Authority has become a body politic and corporate and if the Authority has not voted to bond for construction and improvements, all in accordance with 24 V.S.A. § 4863(g).
(2) The provisions of 24 V.S.A. § 4863(i) and (j) shall apply so that any vote of withdrawal taken less than one year from the time the Authority has become a body politic and corporate or any vote of withdrawal taken after the Authority has voted to bond for construction and improvements shall be null and void.
(3) The membership of a withdrawing member shall terminate as of one year following a valid vote to withdraw or as soon after such one-year period as the financial obligations of the withdrawing member have been paid to the Authority.
(4) Notwithstanding the provisions of this subsection (a), in the event that the General Assembly of the State of Vermont shall specifically approve, a member may vote to withdraw from the Authority at any time.
(b) The financial obligations of a withdrawing member shall include all ongoing costs and assessments of the Authority until the withdrawing member has entered into a written agreement satisfactory to counsel for the Authority obliging the withdrawing municipality as follows:
(1) to continue to pay its share of all debts incurred by the Authority for the remaining terms of all bonds and contracts in existence at the time when the vote to withdraw was taken;
(2) to pay its share, based upon its assessment for the year in which it withdraws, of the defense costs and judgment rendered in any legal action brought against the Authority arising or accruing in any year during which it was a member of the Authority;
(3) to pay its share, based upon its assessment for the year in which it withdraws, of all unbudgeted costs and expenses of the Authority arising out of the activities of the Authority during the withdrawing member’s term of membership, regardless of when such costs and expenses may be discovered; and
(4) to pay all of these additional costs either in a lump sum or in installments at such times and in such amounts as required by the Board.
(c)(1) After a member has voted to withdraw, the Board shall give notice to the remaining members of the vote to withdraw and shall hold a meeting to determine if it is in the best interest of the Authority to continue to exist. All interested parties shall be given an opportunity to be heard.
(2) If the Board determines that it would be in the best interests of the Authority to cease operations, the Board may prepare and implement a plan for dissolution of the Authority. (Added 2013, No. M-17 (Adj. Sess.), § 2, eff. May 20, 2014.)