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DRAFT <br /> 11-7-55-�-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) Capital costs allocated under the 50%area/50%net tax capacity formula set <br /> forth above may be varied by a ma'orit +« t i rd S vote of the Commission <br /> if.. <br /> (i) 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 50150 formula. <br /> I (4) Any credits due to 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 may be 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 />