§ 14.36.150. Dissolution of Inter-Island Ferry Authority.

A.

Participating municipalities may dissolve the Inter-Island Ferry Authority. Dissolution of the Inter-Island Ferry Authority requires an affirmative vote of at least two-thirds of the members of the governing body of each of the participating municipalities on a dissolution ordinance and approval by a majority of the qualified voters of each of the participating municipalities of that dissolution ordinance; provided, however, that:

1.

All holders of any revenue bonds issued by the Inter-Island Ferry Authority and then outstanding are fully repaid including interest, or payment has been fully provided for; and

2.

All creditors of the Inter-Island Ferry Authority, including but not limited to lenders and trade creditors are fully paid including interest, if any, or other provision has been made for that payment; and

3.

All other obligations, agreements and commitments of the Inter-Island Ferry Authority, including but not limited to agreements with customers of the Inter-Island Ferry Authority, have been satisfied, or other provisions have been made for that satisfaction.

B.

The dissolution ordinance shall include, but is not limited to:

1.

Schedules and procedures for terminating Inter-Island Ferry Authority functions and services;

2.

Schedules and procedures for disposing of all Inter-Island Ferry Authority assets, including distributing those assets of the Inter-Island Ferry Authority which must be reconveyed in accordance with the provisions of AS 29.35.610(b) to the participating municipalities; and

3.

Schedules and procedures for meeting or otherwise satisfying all other obligations, agreements and commitments of the Inter-Island Ferry Authority as set forth in subsection A. of this section; and

4.

Provisions for those other matters deemed necessary and prudent by the board for the proper and business-like dissolution of the Inter-Island Ferry Authority.

(Ord. No. 09-04, § 16, 10-6-2009)