2016-048 Council Resolution - Laserfiche WebLink

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used for Capital Projects within sixty (60) days of receipt of the Board's Capital Improvement Budget; 2) If a capital project is to be funded wholly or in part by one or more governmental unit(s), they will be provided the opportunity to review and approve or disapprove the capital improvement budget within sixty (60) days of receipt of the Board's Capital Improvement Budget; and 3) If service fees, grants, interest or other funding sources are available the source and amounts of such funds shall be shown. If the capital improvement budget is approved, as provided above, each governmental unit shall contribute its budgeted share of the cost of constructing said capital improvement projects. Subdivision 5. Governmental Unit Financing. Members may establish a watershed management tax district in the Area for the purpose of paying costs of the engineering and planning required to develop a watershed management plan for the Area. After the plan is adopted and approved, a tax district may be established for the purpose of paying capital costs of projects described in the plan (including normal and routine maintenance of projects). If required, the tax district shall be established by ordinance adopted after a hearing by a local government unit, following provisions of Minnesota Statutes, Chapter 103B. Subdivision 6. Reserve Funds. The Board may accumulate reserve funds for the purposes herein mentioned and may invest funds of the Board not currently needed for its operations in the manner and subject to the laws of Minnesota applicable to statutory cities. Any and all reserve funds must be clearly indicated on the annual financial audit provided to the Members. Subdivision 7. Gifts; Grants; Loans. VLAWMO may, within the scope of this Agreement, accept gifts, apply for and use grants or loans of money or other property from the United States, the State of Minnesota, a unit of government or other governmental unit or organization or any person or entity for the purposes described herein; may enter into any reasonable agreement required in connection therewith, shall comply with any laws or regulations applicable thereto, and may hold, use and dispose of such money or property in accordance with the terms of the gift, grant, loan or agreement related thereto. Subdivision 8. Disbursements. All VLAWMO disbursements shall be sent to the Secretary - Treasurer of the Board and the finance officer of the Technical Commission for review. Checks issued by VLAWMO shall have two signatures. Officers and the VLAWMO Administrator may be authorized to sign checks. An Officers bond shall be maintained by VLAWMO in the amount of at least $10,000. VLAWMO will be responsible for paying the premium on said bond. 476792v6 KRH VA245-1 11