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13 <br />(b) Formula. To the extent a Member assessment is established, it shall be calculated <br />based upon the following formula: <br /> <br />(1) Forty percent (40%) based upon the assessed valuation of all real property of <br />each government unit within the Area; <br /> <br />(2) Forty percent (40%) based upon the total area of the property within each <br />governmental unit with the Area; and <br /> <br />(3) Twenty percent (20%) based upon the population of each governmental unit <br />within the Area. <br /> <br />(c) Payment. Each Member shall pay its Member assessment amount: (1) no later than <br />January 31st in the year in which it is due; or pay one-half (1/2) of the assessment by <br />January 31st of the year due and pay the second one-half (1/2) of the assessment by <br />August 31st of the year due. If a Member fails to pay its assessment by the applicable <br />due dates, it will be required to pay a one percent (1%) per month service on the <br />unpaid amount due. <br /> <br />6.4 Capital Improvement Program and Funding. <br /> <br />(a) Preparation. Each year the Board shall prepare a Capital Improvement Program and <br />budget for Capital Improvements anticipated to be started or completed in the <br />following year as described in the Watershed Management Plan. Each proposed <br />Capital Improvement shall be specifically identified and its estimated cost and time for <br />completion shall be provided. Only Capital Improvements included in the Watershed <br />Management Plan, or its amendments, may be included in the capital improvement <br />budget. <br /> <br />(b) Funding. Capital Improvements may be funded by a combination of funds budgeted <br />by VLAWMO as part of its annual budget, grants received by VLAWMO, and <br />expenditures made directly by one or more Members. For jointly funded projects, <br />VLAWMO shall agree in writing with the Members making direct contributions <br />toward the Capital Improvement the amounts of funding and the responsibilities <br />toward constructing and maintaining the Capital Improvement. <br /> <br />6.5 Governmental Unit Financing. Members may establish a watershed management tax <br />district in the Area for the purpose of paying costs of the engineering and planning required <br />to develop a watershed management plan for the Area. After the plan is adopted and <br />approved, a tax district may be established for the purpose of paying capital costs of <br />projects described in the plan (including normal and routine maintenance of projects). If <br />required, the tax district shall be established by ordinance adopted after a hearing by a local <br />government unit, following provisions of Minn. Stat., chap. 103B. <br /> <br />6.6 Reserve Funds. The Board may accumulate reserve funds for the purposes herein <br />mentioned and may invest funds of the Board not currently needed for its operations in the <br />Page 669 of 679