Agenda - Council - 11/26/2024 - Laserfiche WebLink

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