§ X. Withdrawal.

(A) 

Limitations. The withdrawal of a member town from the district may be affected by an amendment to this agreement in the manner hereinafter provided in this section. Any member town seeking to withdraw shall, by a majority vote at an Annual or a Special Town Meeting, request the Committee to draw up an amendment to this agreement setting forth the terms by which such town may withdraw from the district, provided that the said town shall remain liable to the district for its share of the indebtedness, other than temporary indebtedness in anticipation of revenue, of the district outstanding at the time of such withdrawal, and for interest thereon, to the same extent and in the same manner as though the town has not withdrawn from the district.

(B) 

Procedure. The Clerk of the town seeking to withdraw shall notify the Committee, in writing, that such town has voted to request the Committee to draw up an amendment to the agreement (enclosing a certified copy of such vote). Thereupon, the Committee shall draw up an amendment to the agreement setting forth such terms of withdrawal as it deems advisable, subject to the limitation contained in Subsection VIII(A). The Secretary of the Committee shall mail or deliver a notice, in writing, to the Board of Selectmen of each member town that the Committee has drawn up an amendment to the agreement providing for the withdrawl of a member town (enclosing a copy of such amendment). The Selectmen of each member town shall include in the warrant for the next Annual or a Special Town Meeting called for the purpose an Article stating the amendment or the substance thereof. Such amendment shall take effect upon its acceptance by all of the member towns, acceptance by each town to be a majority vote at a town meeting as aforesaid. Money received by the district from the withdrawing town for payment of funded indebtedness or interest thereon shall be used for this purpose only and until so used shall be deposited in trust in the name of the district with a bank or trust company having its principal office in Massachusetts having a combined capital and surplus of not less than five million dollars ($5,000,000.).

(C) 

Cessation of terms of office of withdrawing town's members. Upon the effective date of withdrawal, the terms of office of all members serving on the Regional District School Committee from the withdrawing town shall terminate, and the total membership of the Committee shall be decreased accordingly.

(D) 

Apportionment of capital costs after withdrawal. The withdrawing town's annual share of any future installment of principal and interest on obligations outstanding on the effective date of its withdrawal shall be fixed at the average of such town's previous annual apportionment made prior to the effective date of the withdrawal. The remainder of any such installment, after subtracting the share of any town or towns which have withdrawn, shall be apportioned to the remaining member town or towns in the manner provided in Subsection IV(D) or as may be otherwise provided in the amendment providing for such withdrawal.