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FINAL —11 /6/06 (11/14/06) tnw 2) The arbitration process shall be initiated by service to a Notice of Arbitration upon an officer of the Board of Directors; 3) The dispute shall, thereupon, be submitted to a Board of Arbitration; 4) The Board of Arbitration shall constitute three Members, one appointed by the governmental unit initiating the arbitration, one appointed by the Board and one appointed by the Chief Administrative Law Judge of the State of Minnesota, who shall preside at the arbitration hearing; 5) The arbitration cost of the neutral arbitrator shall be divided equally between VLAWMO and the government unit initiating the arbitration; and 6) Arbitration shall be conducted in accordance with the Uniform Arbitration Act (M. S. Chapter 572), except as modified above. Subdivision 9. Other Duties. The Commission shall exercise such other duties necessary and incidental to the implementation of the purposes set forth herein as authorized by the Board. SECTION VIII FINANCING VLAWMO Subdivision 1. Annual Operating Budget. On or before July 1st of each year, the Board shall prepare a proposed annual operating budget for the following calendar year. The budget shall provide funds to operate VLAWMO for the next calendar year. The proposed operating budget and the sources for these funds shall be recommended for approval to the Members. The annual operating budget may be funded by one or more of the following: 1) An authorized special tax levy authorized by the State of Minnesota for an amount approved by the Members; 2) VLAWMO operated Storm Water Utility authorized by the State of Minnesota and approved by the Members; 3) Annual payment from each governmental unit in this agreement and other entities based on an annual assessment as determined in Subdivision 2 in this Section; and 4) Service fees, grants, interest or other funding sources as available. Each Member shall pay its annual assessment in the following manner: 1) The entire contribution amount due by January 31st of the year due, or 2) One -half (1/2) of each Members contribution by January 31st and the second one -half (1/2) by August 31st. Failure to pay the required amounts by the due dates will cause a one (1) percent per month service fee to be added to the amount due. Subdivision 2. Budget Meeting and Approval. The proposed annual Operating and Capital Improvements budgets will be prepared by July 1 of each calendar year. The purpose of the meeting is to review and obtain a recommendation for approval of the annual budgets. Each Member shall review the proposed operating budget and shall either approve, reject or propose an amended operating budget on or before October 15th of each year. No response from a Member, within this time period, will be an indication that it approves the proposed operating budget. After final approval of the proposed operating budget by each Member, the Secretary shall certify and prepare a statement showing the approved operations_budget and the assessed amount to be paid by each Member on or before October 15th of each year.