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VIII <br />FINANCING VLAWMO <br />CAairleS S 4© a) • <br />Subdivision 1. Annual Operating Budget. On or before July 1st of each year, the Board shall <br />prepare a proposed annual operating budget for the following calendar year. The budget shall <br />provide funds to operate VLAWMO for the next calendar year. <br />The annual operating budget may be funded by one or more of the following: <br />1) An authorized special tax levy authorized by the State of Minnesota for an amount <br />approved by the Members; <br />2) VLAWMO operated Storm Water Utility authorized by the State of Minnesota -and <br />approved by the Members; <br />3) Annual payment from each governmental unit party to this agreement and other <br />entities based on an annual assessment as determined in Subdivision 2 in this Section; <br />and <br />4) Service fees, grants, interest or other funding sources as available. <br />Each Member shall pay its annual assessment in the following manner: <br />1) The entire amount shall be due by January 31st of the y r due; or <br />2) One -half (1/2) of each Member's entire amount shall be due by January 31 of the year <br />due and the second one -half (1/2) of the entire amount shall be due by August 31 of <br />the year due. <br />Failure to pay the required amounts by the due dates will cause a one (1) percent per month <br />service fee to be added to the unpaid amount due. <br />Subdivision 2. Budget Meeting and Approval. The proposed annual Operating and Capital <br />Improvement budgets for the next calendar year shall be prepared by July 1 of each calendar <br />year. Each Member shall review the proposed operating budget and may make comments to the <br />Board regarding the - - ... - .... .. operating budget on or <br />before October 15th of each year. <br />considered a royal of the proposed o <br />e Secretary shall certify and prepare a statement showing the approved operating budget and <br />the assessed amount to be paid by each Member on or before October 31 each year. <br />Subdivision 3. Annual Assessment for Services. <br />The annual contribution of each Member or other entity shall be calculated upon the following <br />formula: <br />• <br />• <br />