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Subdivision 12. Reserve 1=145: The Commission may accumulate reserve funds for <br /> • purposes allowed by the Commission and may invest funds which are not currently needed <br /> for its operations in the manner and subject to the Laws of Minnesota appl icable to <br /> statutory cities. <br /> Subdivision 13. Capital .Improvement .Proms: A Watershed capital improvement <br /> project and/or allocation of the costs to the Members must be approved by a vote of <br /> all of the Commissioners. <br /> Subdivision 14. Duration; Each Member agrees to be bound by the terms of this <br /> Agreement until January 1, 2005, and it may be continued thereafter by the unanimous <br /> e <br /> consent of the Members. <br /> Prior to January 1, 2005, any Member may petition the Commission to dissolve <br /> the Organization. Upon 30 days notice in writing to each Member, the Commission shall <br /> hold a hearing to consider dissolution of the Organization. Upon a favorable vote of <br /> at 1 east three-fourths of all Commissioners, the Commission may by resolution <br /> recommend that the Organization be dissolved. Said Resolution shall be submitted to <br /> each Member and if ratified by the Councils of at least three-fourths of all Members <br /> within 60 days, the Organization shall be 'dissolved, this Agreement shall be <br /> terminated and the Commission shall complete work in progress and dispose of personal <br /> property owned by the Organization. <br /> Subdivision 15. Dissolution: Upon dissolution of the Organization, all property <br /> of the Organization shall be sold and the proceeds thereof, together with monies on <br /> hand, shall be distributed to the Members in proportion to the total capital <br /> contributions made by each. <br /> 8 <br />