California Public Utilities Code 107025 – (a) The district may be dissolved upon a supermajority vote of …
(a) The district may be dissolved upon a supermajority vote of the directors which shall be at least 80 percent of the nonweighted vote of the board. However, the winding up of the district shall be conducted by the board and the general manager. The district shall not be fully dissolved and terminated until all debts, financial obligations, and liabilities are paid in full and any and all remaining assets after payment of all debts, financial obligations, and liabilities are distributed to the members.
(b) (1) If the directors cannot agree as to the valuation of the property or to the manner of asset distribution, the question shall be submitted to arbitration, as set forth below, and the directors shall make the distribution or valuation as directed by arbitrators.
Terms Used In California Public Utilities Code 107025
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- board: means the board of directors of the district. See California Public Utilities Code 107002
- City: includes city and county and "incorporated town" but does not include "unincorporated town" or "village. See California Public Utilities Code 19
- County: means the County of Ventura. See California Public Utilities Code 107002
- District: means the Gold Coast Transit District created by this part. See California Public Utilities Code 107002
- General manager: means the person defined in subdivision (d) of Section 107020. See California Public Utilities Code 107002
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Member: means the County of Ventura, the Cities of Oxnard, San Buenaventura (Ventura), Port Hueneme, and Ojai, and any other city within the County of Ventura that joins as a member of the district as set forth in this part. See California Public Utilities Code 107002
(2) Three arbitrators shall be appointed. One arbitrator shall be selected by the governing bodies of the Cities of Oxnard and San Buenaventura, one arbitrator shall be selected by the governing bodies of the County of Ventura, the City of Port Hueneme, and the City of Ojai, and one arbitrator shall be selected by the governing bodies of the other members. If no other members exist, the third arbitrator shall be selected by the Presiding Judge of the Ventura County Superior Court.
(3) The arbitration shall be binding and shall be conducted pursuant to Title 9 (commencing with Section 1280) of the Code of Civil Procedure. Any hearings shall be held within the county. All notices, including notices under Section 1290.4 of the Code of Civil Procedure shall be given to the governing body of each member.
(Added by Stats. 2013, Ch. 503, Sec. 1. (AB 664) Effective January 1, 2014.)