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7�LSll7�E!!!V.RvrvmRM!*.lRM.RTrV R%"f !—!!S5. <br />(b) The awmal r- „ ibu4io of eae Member- ^ the efAiv �is established, it shall be <br />v l calculated based upon the following formula: <br />4)CLForty percent (40%) based upon the assessed valuation of all real property of <br />each government unit within the Area; <br />2)kaForty percent (40%) based upon the total area of the property within each <br />governmental unit with the Area; and <br />-3)taTwenty percent (20%) based upon the population of each governmental unit <br />within the Area. <br />�c„�,a;.,;�;^-' �. Payment. Each Member shall pay its Member assessment amount: (1) <br />no later than January 3 1 " in the year in which it is due; or pay one-half (1/2,) of the <br />assessment by January 3 Vt of the year due and pay the second one-half (1/2) of the <br />assessment by August 3 1 " of the year due. If a Member fails to pay its assessment by <br />the applicable due dates, it will be required to pay a one percent(1 %) per month <br />service on the unpaid amount due. <br />6.4 Capital Improvement Pfojeet�Program and Funding. On or- before July 1 of ea <br />(a) Preparation. Each year the Board shall prepare a <br />pregr-a nCapital Improvement Program and budget for prejeetsCapital Improvements <br />anticipated to be started or completed in the following year as described in the <br />Water -Watershed Management Plan. Each proposed prey Capital Improvement shall <br />be asecifically identified and its estimated cost and time for completion shall <br />be provided. Only p,-oje is deser- be Capital Improvements included in the Watershed <br />Management Plan, or its amendments, may be included in the capital improvement <br />budget. <br />Funding in the e . ita ; o e t budget shall be ealeulated as F follows: <br />.. <br />18 <br />Page 606 of 617 <br />18 <br />Page 606 of 617 <br />