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y <br /> S: <br /> FINANCES <br /> VIIIe <br /> Subdivision 1. The LRRWMO funds may p Y be expended b the Board in accordance with <br /> this agreement and in accordance with the procedures as established by law and as may be <br /> L <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 <br /> deposits of public <br /> p <br /> moneys and to act as depositories for the LRRWMO funds. In no event shall there be a <br /> disbursement of LRRWMO funds without the signature of at least two Board members one of <br /> wham shall be the Treasurer or Authorized Deputy Treasurer. The Treasurer shall be req u ired to <br /> file with the Secretary of the Board a bond in the sum of at least $10 000 or such higher amount <br /> g <br /> as shall be determined by the Board. The LRRWMO shall pay the premium on said bond. <br /> Ix <br /> Subdivision 2. Each Member City agrees to contribute each year to a general fund said ra <br /> fund 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 cast and processed in accordance with <br /> p <br /> Subdivision 5 of this Article. The annual contribution by each Member Cityshall be based fifty <br /> ` <br /> y <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 City within the boundaries of the Watershed <br /> each year to the total area in the Lower Rum River Watershed governed by �'this Agreement. <br /> Subdivision 3. <br /> F <br /> (a) An improvement fund shall be established for each ro <br /> improvement 'project instituted 5x <br /> p p J . <br /> under Article VII, Subdivision 4. In all cases in which capital improvements are <br /> to be paid in whole or in part by Member Cities, each Member City agrees a to <br /> ;. <br /> contribute to said fund its agreed-upon proportionate share of the engineering, <br /> legal and administrative costs as determined in accordance with Article VII <br /> Subdivisions 4 and 5 as the amount to be assessed against each Member City as a <br /> cost of the improvement. The Board shall submit in writing a statement to each <br /> Member City, setting forth in detail the expenses incurred b the LRRWMO for <br /> Y �- <br /> each project. Each Member City further agrees to pay to or contract with the <br /> Member City awarding said contract for the improvement, its agreed-upon <br /> p <br /> proportionate share of the cost of the improvement in accordance with the <br /> determination of the Board under Article VII, Subdivisions 4 and 5. The Member <br /> City awarding the contract shall submit in writing copies of the engineers i <br /> certificate authorizing payment during construction and the Member Citybeing <br /> g <br /> billed agrees to pay its proportionate share of said improvement costs within 30 <br /> days after receipt of the statement. The Member City g awardin the contract shall <br /> advise other contributing Member Cities of the tentative time schedule of the <br /> work and the estimated times when the contributions shall be necessary. <br /> 13 <br /> 438695v5 LWI05-1 <br />