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<br />will be covered nnder the liability insurance policies of the member cities and, if not, wiH <br /> <br />secure such insurance as the Operations Committee deems appropriate provided coverage <br /> <br />. <br /> <br />limits are at least equal to the limits of liability set forth in Minn. Stat. 9 466.04. <br /> <br />VIII. FINANCIAL MATTERS <br /> <br />8.1 The fiscal year of the Operations Committee is the calendar year. <br /> <br />8.2 The Operations Committee shaH adopt an annual budget within 30 days of the <br /> <br />effective date of this agreement for 2002 and 2003 and prior to July 1 of each year for the years <br /> <br />2004 and thereafter. The Operations Committee will give an opportunity to each Party to <br /> <br />comment on or object to the proposed budget before adoption. Notice of the adopted budget <br /> <br />must be mailed promptly thereafter to the chief administrative officer of each Party. The budget <br /> <br />is deemed approved by each Party unless, prior to October 10 of that year, a Party gives written <br /> <br />notice to the secretary-treasurer that the Party is withdrawing from this Agreement at the end of <br /> <br />the year as provided in this Agreement. <br /> <br />. <br /> <br />8.3 Operational costs shall be shared according to a method determined by majority <br /> <br />vote of all of the members of the Operations Committee, which method shall be specified in the <br /> <br />budget. This method may include membership dues and fees, charges for services to Parties, <br /> <br />contributions in kind, proceeds of grants, or any combination thereof. <br /> <br />8.4 Billings to Parties are due and payable no later than 30 days after mailing. In the <br /> <br />event of a dispute as to the amonnt of a billing, a Party must nevertheless make payment as billed <br /> <br />to preserve Party status. The Party may make payment subject to its right to dispute the bill and <br /> <br />exercise any remedies available to it. Failure to pay a billing within 60 days will result in <br /> <br />suspension of voting privileges of the Party's committee member. Failure to pay a billing within <br /> <br />120 days is gronnds for termination of participation as a Party, but the rights of the Operations <br /> <br />. <br /> <br />Committee to payment of the billing are not affected by such termination. <br /> <br />CLL-219977v I <br />NE136-21 <br /> <br />5 <br />