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• FINAL — 11/6/06 (11/14/06) tnw Subdivision 3. Annual Assessment for Services The annual contribution of each Member or other entity shall be based on formulas agree to by the Members. The formula to be used is: 1) Forty percent (40 %) of the assessed valuation of all real property of each governmental unit within the Area; 2) Forty percent (40 %) on the basis of the total area of the property within each governmental unit within the Area; and 3) Twenty percent (20 %) on the basis of population of each governmental unit within the Area. Subdivision 4. Capital Improvement Projects Program and Funding. On or before June 1 of each year the Board shall prepare a capital improvements program and budget for projects to be started or completed as described by the Water Plan and submit for approval by the Members. Each proposed project shall be described and its estimated cost and time for completion be provided. Only projects described in the Water Plan or its amendments may be worked on, proposed and budgets made. 1) If money raised by the Special tax levy or by the Storm Water Utility is to be used for Capital Projects, the Members shall be provided the opportunity to review and approve the amount of the tax levy that will be used for Capital Projects within sixty (60) days of receipt of the Board's recommendations. 2) If a capital project is to be funded wholly or in part by one or more governmental unit(s), they will be provided the opportunity to review and approve or disapprove the capital improvement program within sixty (60) days of receipt of the Board's recommendations. 3) If service fees, grants, interest or other funding sources are available the source and amounts of such funds shall be shown. If the capital improvement budget is approved, each governmental unit agrees to contribute its agreed to proportionate share of the cost of constructing said capital improvement projects. Subdivision 5. Governmental Unit Financing. Members may establish a watershed management tax district in the Area for the purpose of paying costs of the engineering and planning required to develop a watershed management plan for the Area. After the plan is adopted and approved, a tax district may be established for the purpose of paying capital costs of projects described in the plan (including normal and routine maintenance of projects). If required, the tax district shall be established by ordinance adopted after a hearing by a local government unit, following provisions of M.S. Chapter 103B. Subdivision 6. Reserve Funds. The Board may accumulate reserve funds for the purposes herein mentioned and may invest funds of the Board not currently needed for its operations in the manner and subject to the laws of Minnesota applicable to statutory cities. Any and all reserve funds must be clearly indicated on the annual financial audit provided to the Members. Subdivision 7. Gifts; Grants; Loans. VLAWMO WMO may, within the scope of this Agreement, accept gifts, apply for and use grants or loans of money or other property from the United States, the State of Minnesota, a unit of government or other governmental unit or organization or any person or entity for the purposes described herein; may enter into any reasonable agreement required in connection therewith, may comply with any laws or regulations applicable thereto, and may hold, use and dispose of such money or property in accordance with the terms of the gift, grant, loan or agreement related thereto. l0 511