Page:United States Statutes at Large Volume 106 Part 4.djvu/431

 PUBLIC LAW 102-494—OCT. 24, 1992 106 STAT. 3167 the disposition thereof shall be exempt from personal income taxes in both states. " ARTICLE VIII TAKING OVER OF EXISTING PROPERTY "A POWER TO ACQUIRE PROPERTY OF MEMBER DISTRICT. — The articles of agreement, or an amendment thereof, may provide for the acquisition by an interstate district from a member district of all or a part of its existing plant and equipment. "B. VALUATION. — The articles of agreement, or the amendment, shall provide for the determination of the value of the property to be acquired in one or more of the following ways: "a. A valuation set forth in the articles of agreement or the amendment. "h. By appraisal, in which case, one appraiser shall be appointed by each commissioner, and a third appraiser appointed by the first 2 appraisers. "C. REIMBURSEMENT TO MEMBER DISTRICT. — The articles of agreement shall specify the method by which the member district shall be reimbursed by the interstate district for the property taken over, in one or more of the following ways: "a. By one lump sum, appropriated, allocated and raised by the interstate district in the same manner as an appropriation for operating expenses. "h. In installments over a period of not more than 20 years, each of which is appropriated, allocated and raised by the interstate district in the same manner as an appropriation for operating expenses. c. By an agreement to assume or reimburse the member district for all principal and interest on any outstanding indebtedness ori^naily incurred by the member district to finance the acquisition and improvement of the property, each such installment to be appropriated, allocated and raised b^ the interstate district in the same manner as an appropriation for operating expenses. The member district transferring the property shall have the same obligation to pay to the interstate (ustrict its share of the cost of such acquisition, but may offset its right to reimbursement. "ARTICLE IX "AMENDMENTS TO ARTICLES OF AGREEMENT "A. Amendments to the articles of agreement may be adopted in the same manner provided for the adoption of the original articles of agreement, except that: "a. Unless the amendment calls for the addition of a new member district, the functions of the planning committee shall be carried out by the interstate district board of directors, "b. If the amendment proposes the addition of a new member district, the planning committee shall consist of all the members of the mterstate board and all of the members of the school board of the proposed new member district or districts. In such case the amendment shall be submitted to the voters at an interstate district meeting, at which tm affirmative vote of % of those present and voting shall be required. The

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