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• <br />• <br />• <br />1) Forty percent (40 %) based upon the assessed valuation of all real property of each <br />governmental unit within the Area; <br />2) Forty percent (40 %) based upon the total area of the property within each <br />governmental unit within the Area; and <br />3) Twenty percent (20 %) based upon the population of each governmental unit within <br />the Area. <br />Subdivision 4. Capital Improvement Projects Program and Funding. On or before June 1 <br />of each year the Board shall prepare a ., capital improvements program and budget <br />rojects to be started or com.leted in the following year as described in the Water Plan and <br />submit ;: & n . w for approval by the Members. Each proposed <br />project shall be described and its estimated cost and time for completion shall be provided. Only <br />projects described in the Watershed Management Plan or its amendments may be included in the <br />capital improvement budget. Funding in the capital improvement budget shall be calculated as <br />follows: <br />1) If money raised by the Special tax levy or by the Storm Water Utility is to be used for <br />Capital Projects, the Members shall be provided the opportunity to review and <br />approve w the amount of the tax levy that will be used for Capital Projects <br />within sixty (60) days of receipt of the Board's Capital Improvement Budget; <br />2) If a capital project is to be funded wholly or in part b one or more : overnmental <br />unit(s), they will be provided the opportunity to review and approve <br />or disapprove the capital improvement budget within sixty (60) days of receipt of the <br />Board's Capital Improvement Budget; and <br />3) If service fees, grants, interest or other funding sources are available the source and <br />amounts of such funds shall be shown. <br />ac h governmental unit shall contribute its <br />budgeted share of the cost of constructing said capital improvement projects. <br />Subdivision S Governmental Unit Financing. Members may establish a watershed <br />management tax district in the Area for the purpose of paying costs of the engineering and <br />planning required to develop a watershed management plan for the Area. After the plan is <br />adopted and approved, a tax district may be established for the purpose of paying capital costs of <br />projects described in the plan (including normal and routine maintenance of projects). If <br />70 k- <br />