Laserfiche WebLink
DRAFT <br />11-7-24 <br />(b) Funds. The Commission shall have a general fund and may establish such other <br />funds and accounts as it may determine are needed. <br />(c) Disbursements. In no event shall there be a disbursement of Commission funds <br />without the signature of at least two Board members, one of whom shall be the <br />Treasurer or the Treasurer's authorized deputy. <br />(d) Treasurer Bond. The Treasurer shall be required to file with the Secretary of the <br />Board a bond in the sum of at least $10,000 or such higher amount as shall be <br />determined by the Board. The Commission shall pay the premium on said bond. <br />(e) Depository. The Board shall designate one or more national or state bank or trust <br />companies, authorized by Minn. Stat., chaps. 118 and 427, or such other law as <br />may apply, to receive deposits of public moneys and to act as depositories for the <br />Commission funds. <br />6.2 Commission's General Fund. The Commission's general fund is funded by an annual <br />contribution from each Member and is used to pay for general administration purposes <br />including, but not limited to, salaries, rent, supplies, development of the Watershed <br />Management Plan, engineering and legal expenses, insurance, and bonds, and to purchase <br />and maintain any personal property deemed necessary by the Commission in furtherance <br />of its purposes and powers as articulated in this Agreement. Said funds may also be used <br />for normal maintenance of any facilities, but any extraordinary maintenance or repair <br />expense shall be treated as an improvement cost and processed in accordance with the <br />provisions for CIP Project funding under this Agreement. The annual contribution by <br />each Member shall be based fifty percent (50%) on the net tax capacity of all property <br />within the Watershed and fifty percent (50%) on the basis of the total area of each <br />Member within the boundaries of the Watershed each year to the total area in the <br />Watershed. <br />6.3 Operating Budget. The Board shall annually prepare, adopt, and submit an annual <br />operating budget as provided in this section. <br />(a) Adoption. On or before July 1 of each year, the Board shall adopt a detailed <br />budget for the ensuing year and decide upon the total amount necessary for the <br />Commission's general fund. Budget approval shall require a favorable vote by a <br />majority of all eligible votes of the then existing Commissioners. <br />(b) Funding. The Commission's annual operating budget is funded by an annual <br />assessment placed on the Members, subject to certain caps, as provided herein. <br />(c) Caps on Member Assessments. The amount annually assessed each Member to <br />fund the operating budget shall not exceed the following caps, unless authorized <br />as provided herein. <br />18 <br />