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regarding electricity procurement issues, (iv) monitored legal and regulatory developments <br /> <br /> affecting the provision of electricity service to local governments, and (v) has hired consultants <br /> <br /> and legal counsel to assist in its provisions of the foregoing services ("Steering Committee <br /> <br /> Services"). <br /> <br /> WHEREAS, the Committee recommends that the aggregation and procurement of <br /> <br /> Energy Services be effectuated in compliance with applicable provisions of the Procurement Act, <br /> <br /> such as the utilization of competitive principles pursuant to an exemption from the <br /> <br /> Requirements, and the Committee also recommends that the Steering Committee Services be <br /> <br /> undertaken by the same entity that arranges for the procurement of the Energy Services. <br /> <br /> NOW, THEREFORE, in consideration of the prermses and the undertakings hereinafter <br /> <br /> stated, the Members agree as follows: <br /> <br /> 1. Name. The undertaking of the Members hereunder shall be named and <br /> <br /> designated as the Virginia Energy Purchasing Governmental Association (hereinafter <br /> <br /> "VEPGA"). <br /> <br /> 2. Term of the Agreement. This Agreement shall be effective for the period <br /> <br />commencing on the date set forth above (with each Member to adopt the Agreement on or after <br /> <br />such commencement date) and shall terminate upon the earlier of (a) a unanimous vote of all the <br /> <br />remaining Members or (b) when the membership has decreased to one Member. Upon such <br /> <br />termination, any property owned by VEPGA (or the proceeds from the sale of such property) <br /> <br />shall be distributed to each remaining Member in accordance with VEPGA's bylaws, as such <br /> <br />bylaws may be amended from time to time by the board governing VEPGA (the "Bylaws"). <br /> <br /> 3. Purpose of the Agreement. The Members enter into this Agreement for the <br /> <br />purpose of acting jointly to promote their interests and welfare and to promote the interest and <br /> <br /> <br />