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DRAFT <br /> 11-7-55-�-24 <br /> caps established herein being exceeded, the budget sent to the Members for <br /> review must be accompanied by a letter clearly notifying the Members of the cap <br /> being exceeded, the reasons for the proposed exceedance, and the Member <br /> approval required to approve the proposed budget. If the approvals required <br /> herein to exceed the cap are not obtained, the total budget or assessment amount <br /> shall not exceed the capped amount. <br /> (e) Member Review. The City Council of each Member agrees to review the <br /> proposed budget provided by the Commission. If any Member has any <br /> objections, they must submit them in writing to the Board prior to August 1. <br /> Upon the receipt of any such written objections, the Board shall set a date to hear <br /> the Member's objections and shall provide all Members notice of the hearing and <br /> a copy of the written objections. After hearing the objections, the Board may <br /> modify, amend, or affirm the proposed budget by majority of all eligible votes of <br /> the then existing Commissioners. <br /> (f) Finalized. The proposed operating budget shall be considered final if no Member <br /> files an objection by August 1 St. If a timely objection is received, the Board shall <br /> act to finalize the operating budget after conducting a hearing on the objections. <br /> The Board shall provide a copy of the final operating budget to each Member. If <br /> there are objections, the Board shall include its findings and decision regarding <br /> such objections with the final operating budget. <br /> 6.4 Supplemental Budget. <br /> (a) Insufficient Funds. If the Board determines it will not have sufficient funds in the <br /> Commission's general fund to pay its obligations or to otherwise fund <br /> Commission operations in the present year, the Board may adopt a supplemental <br /> budget to raise additional funds as provided herein. <br /> (b) Public Hearin. The Board shall call a public hearing on the proposed <br /> supplemental budget and provide at least 10 days' written notice of the hearing, <br /> together with a copy of the proposed supplemental budget, to each Member. <br /> (c) Adoption. After conducting the public hearing, the Board may adopt the <br /> supplemental budget by a favorable vote of a maj ority of all eligible votes of the <br /> then existing Commissioners. The Board shall notify each Member of the <br /> adopted supplemental budget and the amount of additional assessment. <br /> (d) Ca . In no case shall the budget require any Member to contribute in excess of <br /> one-half of one percent of the net tax capacity of all taxable property within the <br /> Watershed and within the Member's corporate boundaries in any one calendar <br /> year. <br /> (e) Additional Assessment. Members agree to pay their additional assessment to the <br /> Commission within 60 days of adoption of the supplemental budget. <br /> 20 <br /> LW <br />