2007-160 Council Resolution - Laserfiche WebLink

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• VIII J FINANCING VLAWMO (Chtti.itte,,s S Rio w.� • • 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) 6 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 end approved by the Members; 3) Annual payment from each governmental unit party to 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 amount shall be due by January 31s' of the year duc; or 2) One -half (1/2) of each Member's entire amount shall be due by January 31 of the year due and the second one -half (1/2) of the entire amount shall be due by August 31-e€ the year duc. 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 unpaid amount due. Subdivision 2. Budget Meeting and Approval. The proposed annual Operating and Capital Improvement budgeti for the next calendar year shall be prepared by July 1 of each calendar year. Each Member shall review the proposed operating budget and may make comments to the Board regarding the shall either approve, reject or proposed an amended operating budget on or before October 15th of each year. No response from a Member, within this time • criod, c After e Secretary shall certify and prepare a statement showing the approved operating budget and the assessed amount to be paid by each Member on or before October 31 each year. Subdivision 3. Annual Assessment for Services. The annual contribution of each Member or other entity shall be calculated upon the following formula: