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may hold, use and dispose of such money or property in accordance with the terms of the gift, grant, loan or agreement related thereto. SECTION IX DURATION OF THIS JOINT POWERS AGREEMENT Subdivision I. Duration of Agreement. Each Member agrees to be bound by the terms of this Agreement until December 31, 2011, and that it may be continued thereafter at the option of the Members. This Agreement shall be in full force and effect upon the filing of certified copy of the resolution approving said Agreement by each governmental unit. Subdivision 2. Termination of Agreement. This Agreement shall continue in full force and effect until the majority of the Members shall agree to terminate this Agreement or it expires. This Agreement may be replaced by a new joint powers agreement pursuant to Minn. Stat. Section 471.59 to provide for continuing the work of VLAWMO consistent with Minn. Stat. Chapter 103B. SECTION X DISSOLUTION Subdivision 1. Dissolution of VLAWMO. VLAWMO shall continue until the majority of the Members shall mutually agree to dissolve VLAWMO which proceeding must be in accord with Minnesota Rules 8410.0180. Subdivision 2. Petition to Dissolve VLAWMO. Consistent with Minnesota Rules 8410.0180, all Members may petition the Board of Water and Soil Resources to terminate VLAWMO. This petition shall be in the form of a resolution from the Board of VLAWMO. Upon 90 days notice, in writing, to the clerk/administrator or each Member, Ramsey and Anoka Counties, the Board shall hold a hearing and upon favorable vote of a majority of the Board of Commissioners submit the petition to the Board of Water and Soil Resources recommending that VLAWMO be dissolved. The resolution adopted shall recognize that the Members, jointly or severally, are willing and able to assume ownership of VLAWMO's assets and the responsibility for managing and maintaining VLAWMO's previously approved projects and implement the watershed plan of VLAWMO developed pursuant to Minn. Stat. Chapter 103B. Such resolution by the Board of Commissioners shall be submitted as a petition to the State Board of Water and Soil Resources requesting that a hearing be held pursuant to procedures in Minn. Stat. Chapter 103B. Upon a set of findings and order for dissolution of VLAWMO by the State Board of Water and Soil Resources, all property of VLAWMO shall be transferred. either jointly or severally, to the governmental units of VLAWMO. Such transfer of VLAWMO assets may be made in proportion the total contribution of each Member as required by the last annual operating budget. The transfer of real estate property of VLAWMO pursuant to this section shall not affect the benefits or damages for any improvement previously constructed by VLAWMO before dissolution. The real estate property affected shall remain liable for its proper share of any outstanding indebtedness of VLAWMO applying to the property before the dissolution, and levies assessment for the indebtedness continue in force until the debt is paid off. 11