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ARTICLE VII <br /> TERM; ADDITION OF MEMBERS; DISSOLUTION <br /> Section 7.01. Term. This Agreement shall become effective as of the date first set forth <br /> above, and the Authority shall come into existence, on the date of execution and delivery hereof, <br /> and this Agreement shall thereafter continue in full force and effect until the later of December 31, <br /> 2090,or the date on which all Indebtedness and other obligations of the Authority and the interest <br /> thereon shall have been paid in full or until adequate provision for such payment shall have been <br /> made in accordance with the instruments governing such Indebtedness, and no contracts to which <br /> the Authority is a party remain in effect,unless earlier dissolved pursuant to Section 7.04 hereof. <br /> Section 7.02. Addition of Members. (a) Public Agencies possessing one or more of the <br /> powers specified in the first paragraph of the recitals to this Agreement may be added as parties to <br /> this Agreement, and become Members, upon the filing by such Public Agency with the Board of <br /> an instrument in form and substance satisfactory to the Board together with a certified copy of a <br /> resolution of its governing body, whereby the Public Agency (i) agrees to the provisions of this <br /> Agreement and (ii) requests to become a Member. In reviewing an application for membership, <br /> the Board may reject said application based on the creditworthiness of the applicant or on any <br /> other matter which has affected or may affect the creditworthiness of the applicant and which may <br /> thereby affect the creditworthiness of the Authority. The Board also reserves the right to reject an <br /> applicant if the Board determines that the membership of such applicant would be detrimental to <br /> the effectiveness of the Authority or would interfere with the realization of the Authority's goals <br /> and purposes. <br /> (b) Notwithstanding Section 7.02(a) hereof, no such Public Agency shall <br /> become a Member until (i) its admission is approved by a vote of a majority of the Board <br /> voting on the matter and (ii) such Public Agency deposits or agrees to deposit with the <br /> Authority an amount equal to such share of the costs and expenses incurred by the <br /> Authority prior to the date of admission of such Public Agency as a Member as shall be <br /> determined by the Board. <br /> (c) Upon satisfaction of the provisions of Section 7.02(a) and 7.02(b) hereof, <br /> such Public Agency shall be a Member for all purposes of this Agreement, and the <br /> instrument provided pursuant to Section 7.02(a) hereof shall become a part of the official <br /> records of the Authority. Neither the effectiveness of such membership nor such <br /> instrument shall constitute an amendment or modification of this Agreement for purposes <br /> of Section 8.05 hereof. <br /> Section 7.03. Withdrawal or Exclusion of a Member. (a) Any Member may withdraw <br /> from the Authority upon the following conditions: (i) the Member shall have filed with the Board <br /> a certified copy of a resolution of its governing body expressing its desire to so withdraw and (ii) <br /> if the Authority, prior to the filing of such resolution, shall have incurred any obligation payable <br /> from contributions, payments or advances in accordance with Section 6.01 hereof, which <br /> obligation matures after the date of such filing, the withdrawing Member shall have paid, or made <br /> arrangements satisfactory to the Board to pay to the Authority its pro rata portion of such <br /> obligation. <br /> 10 <br /> 55394.00068\42I04911.2 <br />