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410 111 <br /> .. v <br /> AGREEMENT TERMINATING THE JOINT POWERS AGREEMENT <br /> BY AND AMONG THE CITIES OF RANCHO PALOS VERDES, <br /> PALOS VERDES ESTATES, ROLLING HILLS ESTATES, AND <br /> LOS ANGELES COUNTY WHICH HAD CREATED THE PALOS <br /> VERDES PENINSULA TRANSPORTATION AUTHORITY <br /> WHEREAS, the Cities of Rancho Palos Verdes, Palos <br /> Estates and RollingHills Estates, and Los Angeles County <br /> Verdes <br /> entered into a Joint Powers Agreement ("JPA") on December 17, <br /> 1985, which created the Palos Verdes <br /> Peninsula Transportation <br /> Authority to provide publictransportation on the Palos Verdes <br /> Peninsula, <br /> a copyof which is attached hereto as Exhibit "A" and <br /> • <br /> incorporated herein by this reference; and <br /> WHEREAS, the Cities of Rancho Palos Verdes, Palos <br /> Verdes Estates and Rolling Hills Estates desire to enter into a <br /> new Joint Powers Agreement creating a new Joint Powers Authority <br /> to providepublictransportation trans ortation on the Palos Verdes Peninsula; <br /> and <br /> WHEREAS, the Cities of Rancho Palos Verdes, Palos <br /> Verdes Estates, Rolling Hill Estates and the County of Los <br /> Angeles desire to terminate the JPA; <br /> NOW, THEREFORE, the parties hereto for and in <br /> consideration of the mutual benefits, promises, and agreements <br /> set forth herein do agree as follows: <br /> SECTION 1. Termination. <br /> Pursuant to Section 8 of the JPA, the parties to this <br /> Agreement hereby terminate the JPA. <br /> SECTION 2 . Disposition of Assets. <br /> All assets acquired by the Authority during the term of the JPA <br /> shall be transferred to the new Joint Powers Authority <br /> g <br /> created by <br /> the Agreement dated December 10 , 1991 between the <br /> Cities of <br /> Rancho Palos Verdes Estates, Rolling Hills Estates and <br /> Rancho Palos Verdes. <br /> SECTION 3 . Debts, Obligations and Liabilities <br /> All outstanding debts, liabilities, and contractual <br /> obligations ations of the Authority shall be assumed by the Joint Powers Authority created by the Agreement dated Decmnber 10 , 1991 <br /> between <br /> the Cities of Palos Verdes Estates, Rolling Hills Estates <br /> and Rancho Palos Verdes. <br />