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DRArr <br />5-12-24 <br />f4) Treasurer Bond, The Treasurer shall be required to file with the Secretary of the <br />Bcard a bond in the sum of at least $10,000 or such higher amount as shall be <br />determined by the Board. The LRIPALMOCoinmission shall pay the premium on <br />said bond. <br />LiF.2 Depository. The Board shall designate one or more national or state bank or trust <br />companiesiauthorized by Minn, Stat., chaps. 118 and 427. or such other law as <br />may aolly. to receive deposits of public moneys and to act as depositories for the <br />Commission funds. <br />6.2 Subdivision 2. E. - ate -each year to aCommission's <br />General Fund. The Commission's general fund, said fund to -be is fundetthy an annual <br />contribution from each Member and is used to Day for general administration purposes <br />including, but not limited to salaries, rent, supplies, development of an overall planthe <br />Watershed Management Plan, engineering and legal expenses, insurance, and bonds, and <br />to purchase and maintain any <br />personal property deemed necessary by the Commission in furtherance of its purposes <br />and powers as articulated in this Agreement. Said funds may also be used for normal <br />maintenance of 4-1-1-e4nv facilities, but any extraordinary maintenance or repair expense <br />shall be treated as an improvement cost and processed in accordance with Subdivision 5 <br />efthis-NFtie-iethe provisions for CIP Proieet funding under this Agreement. The annual <br />contribution by each Member City shall be based fifty percent (.50%) on the net tax <br />capacity of all property within the Watershed and fifty percent (50%) on the basis of the <br />total area of each Member Ci-Pfwithin the boundaries of the Watershed each year to the <br />total area in the bovveiRttifi-RivefrWatershed governed by -this Agfeement. <br />Subdiviion-3, <br />6,3 CA111 crating Budget. Tlic Board shall annually preparwio t.. and submit an annual <br />operatirT budget as provided in this section. <br />EEO An impfevement field thait <br />instituted under Article VII, StibEli-3.4s-ie. 11-4. <br />004a1 <br />each Member <br />Git5, <br />erigiicering, legal and admicost; <br />Member City-ias -a cost of the improvmefft. The-Boafd-shall-sulamit in writing -a- <br />* ;rthind <br />the LRRWMO for each projeot. Each Membei-Gi <br />eefitfeet-w44-11-44e-Member City eokftfae-t for the improvement, 4ts <br />Trovement in aceordane- <br />gubdivisions and 5,• Th <br />. <br />ig the contnwt sii-all—Sibinit inNiefit4i1E, copies of the - <br />with the deterini <br />eft <br />4y-bcirig billed agrees to pay it pRvek-ioa-te-shere-ef-s-E1444}-vr-e-vement-eosts <br />26 <br />