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DES:sh 12/30/85 <br /> DES:sh 1/19/86R <br /> DES:sh 2/03/86R <br /> · DES:sh 2/20/86R <br /> <br />initially was a Participating Member upon evidencing such intent <br />as aforesaid at any tim~ prior to the approval by the Board of an <br />agreement or other authorization for preparation of plans and <br /> <br />specifications for the construction of the Project or, if <br />applicable, prior to the issuance of bonds or other evidences of <br />indebtedness by the Authority, whichever event occurs first· In <br />the event a Party so elects to become a Participating Member, the <br />Capital Expenditures theretofor incurred by all other <br />Participating Members for studies, plans, or other such <br />expenditures directly related to the Project shall be adjusted to <br />reflect the inclusion of the later-electing Participating Member <br />and the latter shall pay its proportionate share of such costs <br />(including a fair distribution of interest earnings forgone by <br />the prior - Participating Members on their respective <br />proportionate Capital Expenditures by reason of their earlier <br />participation in the Project) in such amount calculated as if it <br />had initially been a Participating Member of the Project. In the <br />event a Party elects not to continue as a Participating Member in <br />a Project it shall nevertheless pay its proportionate share of <br />such Capital Expenditures incurred to the date of its election, <br />but shall not be obligated to pay further such expenditures, and <br />the remaining Participating Members shall bear such further <br />Capital Expenditures in proportionate shares reflecting the <br />exclusion of the prior Participating Member. <br /> <br /> Projects shall be approved by the Board only by a unanimous <br />vote of all Directors representing the Participating Members for <br />such Project. Every Director of a Participating Member shall <br /> <br /> 19 <br /> <br /> <br />