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476792v6 KRH VA245-1 10 <br />1) An authorized special tax levy authorized by the State of Minnesota for an amount <br />approved by the Members; <br /> <br />2) VLAWMO operates Storm Water Utility authorized by the State of Minnesota and <br />approved by the Members; <br /> <br />3) Annual payment from each governmental unit party to this agreement and other entities <br />based on an annual assessment as determined in Subdivision 2 in this Section; and <br /> <br />4) Service fees, grants, interest or other funding sources as available. <br /> <br />Each Member shall pay its annual assessment in the following manner: <br /> <br />1) The entire amount shall be due by January 31st of the year due; or <br /> <br />2) One-half (1/2) of each Members entire amount shall be due by January 31 of the year due <br />and the second one-half (1/2) of the entire amount shall be due by August 31 of the year <br />due. <br /> <br />Failure to pay the required amounts by the due dates will cause a one percent (1%) per month <br />service fee to be added to the unpaid amount due. <br /> <br />Subdivision 2. Budget Meeting and Approval. The proposed annual Operating and Capital <br />Improvement budget for the next calendar year shall be prepared by September 1 each calendar <br />year. <br /> <br />Subdivision 3. Annual Assessment for Services. <br /> <br />The annual contribution of each Member or other entity shall be calculated upon the following <br />formula: <br /> <br />1) Forty percent (40%) based upon the assessed valuation of all real property of each <br />government unit within the Area; <br />2) Forty percent (40%) based upon the total area of the property within each governmental <br />unit with the Area; and <br />3) Twenty percent (20%) based upon the population of each governmental unit within the <br />Area. <br /> <br />Subdivision 4. Capital Improvement Projects Program and Funding. On or before July 1 of <br />each year the Board shall prepare a capital improvements program and budget for projects to be <br />started or completed in the following year as described in the Water Plan. Each proposed project <br />shall be described and its estimated cost and time for completion shall be provided. Only projects <br />described in the Watershed Management Plan or its amendments may be included in the capital <br />improvement budget. Funding in the capital improvement budget shall be calculated as follows: <br /> <br />1) If money raised by the Special tax levies to be used for Capital Projects, the Members shall <br />be provided the opportunity to review and approve the amount of the tax levy that will be