Agenda - Council - 05/10/1994 - Laserfiche WebLink

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without the signature of at least two Board members, one of whom shall be the Treasurer or Authorized Deputy Treasurer. The Treasurer shall be required to file with the Secretary of the Board a bond in the sum of at least $10,000 or such higher amount as shall be determined by the Board. The Commission shall pay the premium on said bond. Subdivision 2. Each member agrees to contribute each year to a general fund, said fund to be used for general administration purposes including, but not limited to: salaries, rent, supplies, development of an overall plan, engineering and legal expenses, insurance, and bonds, and to purchase and maintain devices to measure hydrological and water quality data~ Said funds may also be used for normal maintenance of the facilities, but any extraordinary maintenance or repair expense shall be treated as an improvement cost and processed in accordance with Subdivision 5 of this Article. The annual contribution by each member shall be based fifty percent (50%) on the net tax capaci'tY of all property within the Watershed and fifty percent (50%) on the basis of the total area of each member within the boundaries of the Watershed each year to the total area in the Lower Rum River Watershed governed by this Agreement° Subdivision 3. (a) An improvement fund shall be established for each improvement project instituted under Article VII, Subdivision 4. Each member agrees to contribute to said fund its proportionate share of the engineering, legal and administrative costs as determined by the Commission as the amount to be assessed against each member as a cost of the improvement. The Board shall submit in writing a statement to each member, setting forth in detail the expenses incurred by the Commission for each project. Each member further agrees to pay to or contract with the member