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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 />XXIII.Withdrawal of Parties. <br /> <br /> The withdrawal of a Party from the Authority shall not be <br />final during such ~time as such Party is obligated to contribute <br />to Capital Expenditures or has any outstanding debts, liabilities <br />or obligations for a Project with respect to which it is a <br />Participating Member, or during such time as any revenue bonds or <br />other evidences of indebtedness of the Authority are outstanding <br />with respect to such a Project. Any Party may give notice of its <br />intention to withdraw from the Authority at any time; provided <br />that the effective date of such withdrawal shall be subsequent to <br />the satisfaction of all outstanding debts, liabilities or <br />obligations for Capital Expenditures and the retirement of any <br />outstanding revenue bonds or other evidences of indebtedness for <br />all Projects with respect to which such withdrawing Party bears <br />any responsibility. Notwithstanding the foregoing, in no event <br />shall the effective date of such withdrawal be less than five (5) <br />years from the date of adoption of the hereinafter described <br />resolution giving notice of intention to withdraw. Notice of <br />intention to withdraw shall be given by resolution of the <br />governing body of the Party intending to withdraw, approved by a <br />vote of not less than four fifths (4/5ths) of the entire <br />membership of said governing body. A certified copy of said <br />resolution shall be filed by the withdrawing Party with the <br />Authority within five (5) days of the date of its adoption. <br /> <br /> A withdrawing Party shall continue to be obligated for its <br />proportionate share of all debts, obligations and liabilities for <br />Capital Expenditures, debt service for revenue bonds, or other <br /> <br /> 27 <br /> <br /> <br />