Laserfiche WebLink
DRAFT <br />1 1 -75-1-2-24 <br />(2) Fifty percent of all capital costs or the financing thereof shall be apportioned <br />to each Member on the basis of the total area of each Member within the <br />boundaries of the Watershed each year to the total area in the Watershed. <br />(3) <br />Capital costs allocated under the 50% area/50% net tax capacity formula set <br />forth above may be varied by a majoritytwo-thirds vote of the Commission <br />if: <br />(i) <br />any Member community receives a direct benefit from the capital <br />improvement which benefit can be defined as a lateral as well as a <br />trunk benefit, or <br />(ii) the capital improvement provides a direct benefit to one or more <br />Members which benefit is so disproportionate as to require in a sense <br />of fairness a modification in the 50/50 formula. <br />(4) Any credits o-dueto a Member for lands acquired by said Member to pond <br />or store storm and surface water as provided herein shall be allowed against <br />costs due under this section. <br />5.8 Emergency Projects. The Commission may perform emergency projects in accordance <br />with Minn. Stat. § 103B.252. <br />SECTION VI <br />FINANCES <br />6.1 Generally. <br />(a) Authority. The Commission funds maybe expended by the Board in accordance <br />with this Agreement and in accordance with the procedures as established by law <br />and in the manner as may be determined by the Board. <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 />18 <br />LW1O5-1-951303.vl <br />