6. Joint Fire Department Discussion

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Subdivision 2. Any equipment, fire apparatus, fire vehicles, or other items of personal property purchased or in the possession of a Party prior to the Fire Services Commencement Date shall remain the property of the respective Party for a period of ten(10)years,thereafter becoming the property of the District. Any funds generated from equipment during that time shall become part of the District. An inventory of the property owned by Pequot Lakes is attached hereto and incorporated herein by reference as Exhibit A. Subdivision 3.After the Fire Services Commencement Date,all equipment or capital items purchased by the Board with fire funds designated for the District shall be the property of the District. Subdivision 4. On the Fire Services Commencement Date, the equipment, fire apparatus/vehicles,personal property and other items listed in Exhibit A shall be the subject of a lease between Pequot Lakes to the District for use in District operations. The effective date of the Equipment Lease shall be the Fire Services Commencement Date. The Equipment Lease Agreement with the District leasing the above listed equipment shall be for One Dollar ($1.00) paid by the District. The lease term for the lease shall be for a period ending upon the dissolution of the Board and/or the termination of this Agreement, ten (10) years, or the withdrawal of the owning Party, whichever comes first. Termination or withdrawal shall be as otherwise provided in this Agreement with respect to division/disposition of assets. ARTICLE XII OWNERSHIP OF JOINT EQUIPMENT The Original Parties shall maintain individual ownership of equipment purchased by each city. In the event that equipment is not purchased separately by one of the Original Parties, the Original Parties shall acquire an undivided interest in any jointly purchased equipment by the Board after the Fire Services Commencement Date in proportion to the amount that each Party has contributed to the cost.A master District inventory of all newly purchased items will be maintained by the District. The inventory will indicate a description of the item, identification or serial numbers, fire department inventory number, the year of purchase, and the total cost of the item. When jointly purchased equipment is traded or sold,the trade-in value or sale price will be credited back to the fire fund for use in equipment purchases. In case of dissolution,the division of assets shall be as provided in this Agreement. Title to equipment and vehicles purchased by the District with fire funds shall be held by the District. The Parties agree to establish an equipment/vehicle replacement fund, not to exceed $ in annual contributions, except by agreement of the Parties. Contributions by Parties for capital equipment shall be as part of the approved budget and included in the respective Party contributions. ARTICLE XIII REAL ESTATE (LAND AND BUILDINGS) Subdivision 1. Pequot Lakes owns a fire station and land upon which it sits located at 4638 Main Street, Pequot Lakes, Minnesota 56472 (the "Pequot Lakes Fire Station" a/k/a Fire Station Joint Powers Agreement to Provide Fire Services Page 11 of 23