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M <br />M M M <br />after the passage of the ordinance. In the event the referendum <br />fails, the governing body shall not attempt to pass another <br />ordinance proposing to abolish the District for one (1) year from <br />the date of said referendum. <br />C. In the event the District is voluntarily dissolved as <br />prescribed herein, or involuntarily dissolved by Special Act or by <br />the Secretary of State pursuant to Chapter 165, Florida Statutes, <br />or otherwise, all inventory, equipment and real property, owned, <br />leased or licensed to the District shall be disposed of in the <br />following manner: <br />(1) All inventory, equipment, personal property and <br />other supporting equipment located in each fire station <br />within the corporate limits of the City of Vero Beach at the <br />time of dissolution shall be conveyed by the District to the <br />City. Likewise, all inventory, equipment, personal property <br />and other supporting equipment located in each fire station <br />situated outside city limits but within Indian River County <br />geographical limits, shall be conveyed to the County. Any <br />liens, encumbrances and outstanding indebtedness unique to <br />the personal property conveyed shall be assumed by the <br />respective governmental entities taking title to same, <br />subject to paragraph (3), below. However, in the event either <br />the City or County disputes the division of property and <br />equipment and the assumption of indebtedness associated there- <br />with, as defined above, the displeased party shall immediately <br />notify the other party in writing of its desire to negotiate <br />the sharing of property and assumption of indebtedness. if the <br />parties are unable to agree upon a mutually acceptable division <br />plan and assumption of indebtedness after three (3) negotiation <br />attempts, an arbitrator shall resolve the matter, in accordance <br />with paragraph 14, below. <br />It is the intention of the parties that the assumption of <br />indebtedness upon dissolution shall be accomplished in a fair <br />and equitable manner and that each party hereto shall assume <br />an equal share of the total outstanding indebtedness of the <br />8 <br />BooK 44 PAGE 432 <br />AUG 2 71980 <br />