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Capital Improvements may be funded by a <br />combination of funds budgetedy VLAWMO as part of its annual budget, grants <br />received by VLAWMO, and expenditures made directly by one or more govemmental <br />unit(s), they will be provided the eppoAunity to o 0 and approve <br />or- <br />disappr-oveMembers. For jointly funded projects, VLAWMO shall agree in writing with <br />the eapital improvement budget within , sixty rtim days f mee rt ,. Members making <br />direct contributions toward the Bead's Capital Improvement ; and <br />' the sour-ee-and <br />amounts of suefunds shall be show finding and= <br />fhLff the eapitalimprovefnei*budget is approved, as pr-ovided above,e-aehgov ental <br />unit shall eentr-ibt4e its budgeted share of the eost-oft <br />esponsibilities toward <br />constructing said ^ pita ei# r eet and maintainingthe <br />Improvement. <br />6.5 Subdivision c_ Governmental Unit Financing. Members may establish a watershed <br />management tax district in the Area for the purpose of paying costs of the engineering and <br />planning required to develop a watershed management plan for the Area. After the plan is <br />adopted and approved, a tax district may be established for the purpose of paying capital <br />costs of projects described in the plan (including normal and routine maintenance of <br />projects). If required, the tax district shall be established by ordinance adopted after a <br />hearing by a local government unit, following provisions of Minnesota St t tes, <br />GhaptefMinn. Stat., chap. 103B. <br />6.6 Subdivision Reserve Funds. The Board may accumulate reserve funds for the purposes <br />herein mentioned and may invest funds of the Board not currently needed for its operations <br />in the manner and subject to the laws of Minnesota applicable to statutory cities. Any and <br />all reserve funds must be clearly indicated on the annual financial audit provided to the <br />Members. <br />6.7 Subdivision '. Gifts; Grants; Loans. VLAWMO may, within the scope of this <br />Agreement, accept gifts, apply for and use grants or loans of money or other personal <br />property from the United States, the State of Minnesota, a unit of government, or other <br />governmental unit or organization or any person or entity for the purposes described herein; <br />may enter into any reasonable agreement required in connection therewith, shall comply <br />with any laws or regulations applicable thereto, and may hold, use, and dispose of such <br />money or personal property in accordance with the terms of the gift, grant, loan, or <br />agreement related thereto. <br />6.8 Subdivision Disbursements. A14-VLAWMO disbursements on budget items shall be <br />reviewed and approved by the Technical Committee. A report of all disbursements shall be <br />sent to the Board's Secretary -Treasurer of the Beard and the finanee offieor f the <br />Teehnieal Co missie TEC's Finance Officer for review.- and a copyprovidedto the <br />Board. Checks issued by VLAWMO shall be signed by <br />the VLAWMO Administrator may be-aut zed to sign eheeks. An Offieersand the Board <br />19 <br />Page 607 of 617 <br />