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required, the tax district shall be established by ordinance adopted after a hearing by a local <br />government unit, following provisions of Minn. Stat. Chapter 103B. <br />Subdivision 6 7. 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 in the <br />manner and subject of the laws of Minnesota applicable to statutory cities. Any and all reserve <br />funds must be clearly indicated on the annual financial audit provided to the Members. <br />Subdivision 7 fit. Gifts; Grants; Loans. VLAWMO may, within the scope of this Agreement, <br />accept gifts, apply for and use grants or loans of money or other property from the United States, <br />the State of Minnesota, a unit of government or other governmental unit or organization or any <br />person or entity for the purposes described herein; may enter into any reasonable agreement <br />required in connection therewith, shall comply with any laws or regulations applicable thereto, <br />and may hold, use and dispose of such money or property in accordance with the terms of the <br />gift, grant, loan or agreement related thereto. <br />