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Subdivision 12. Local Water Management Plans. The Commission shall have power and <br />authority to review the Members' local water management plans, capital improvements relating <br />to surface water management programs and official controls required by Minnesota Statutes, <br />Section 103B.235 and /or by rules promulgated and adopted by the Board of Water and Soil <br />Resources. <br />FINANCES <br />VIII. <br />Subdivision 1. The Commission funds may be expended by the Board in accordance <br />with this agreement and in accordance with the procedures as established by law and as may be <br />determined by the Board. The Board shall designate one or more national or state bank or trust <br />companies, authorized by Minnesota Statutes, Chapters 118 and 427 to receive deposits of public <br />moneys and to act as depositories for the Commission funds. In no event shall there be a <br />disbursement of Commission funds without the signature of at least two Board members, one of <br />whom shall be the Treasurer or Authorized Deputy Treasurer. The Treasurer shall be required to <br />file with the Secretary of the Board a bond in the sum of at least $10,000 or such higher amount <br />as shall be determined by the Board. The Commission shall pay the premium on said bond. <br />Subdivision 2. Each Member agrees to contribute each year to a general fund, said fund <br />to be used for general administration purposes including, but not limited to: salaries, rent, <br />supplies, development of an overall plan, engineering and legal expenses, insurance, and bonds, <br />and to purchase and maintain devices to measure hydrological and water quality data. Said funds <br />may also be used for normal maintenance of the facilities, but any extraordinary maintenance or <br />repair expense shall be treated as an improvement cost and processed in accordance with <br />Subdivision 5 of this Article. The annual contribution by each Member shall be based fifty <br />percent (50 %) on the net tax capacity of all property within the Watershed and fifty percent <br />(50 %) on the basis of the total area of each Member within the boundaries of the Watershed each <br />year to the total area in the Lower Rum River Watershed governed by this Agreement. <br />438695v3 LW105 -1 <br />Subdivision 3. <br />(a) An improvement fund shall be established for each improvement project instituted <br />under Article VII, Subdivision 4. In all cases in which capital improvements are <br />to be paid in whole or in part by Members, each Member agrees to contribute to <br />said fund its agreed -upon proportionate share of the engineering, legal and <br />administrative costs as determined in accordance with Article VII, Subdivisions 4 <br />and 6 as the amount to be assessed against each Member as a cost of the <br />improvement. The Board shall submit in writing a statement to each Member, <br />setting forth in detail the expenses incurred by the Commission for each project. <br />Each Member further agrees to pay to or contract with the Member awarding said <br />contract for the improvement, its agreed -upon proportionate share of the cost of <br />the improvement in accordance with the determination of the Board under Article <br />VII, Subdivisions 4 and 6. The Member awarding the contract shall submit in <br />writing copies of the engineer's certificate authorizing payment during <br />construction and the Member being billed agrees to pay its proportionate share of <br />13 <br />