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2016 JPA with <br />Prior Amendments <br /> 12 <br />improvement budget within sixty (60) days of receipt of the Board's Capital Improvement <br />Budget; and <br /> <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 /> <br />If the capital improvement budget is approved, as provided above, each governmental unit <br />shall contribute its budgeted share of the cost of constructing said capital improvement <br />projects. <br /> <br />Subdivision 5. 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 adopted <br />and approved, a tax district may be established for the purpose of paying capital costs of projects <br />described in the plan (including normal and routine maintenance of projects). If required, the tax <br />district shall be established by ordinance adopted after a hearing by a local government unit, <br />following provisions of Minnesota Statutes, Chapter 103B. <br /> <br />Subdivision 6. Reserve Funds. The Board may accumulate reserve funds for the purposes <br />herein mentioned and may invest funds of the Board not currently needed for its operations in the <br />manner and subject to the laws of Minnesota applicable to statutory cities. Any and all reserve <br />funds must be clearly indicated on the annual financial audit provided to the Members. <br /> <br />Subdivision 7. Gifts; Grants; Loans. VLAWMO may, within the scope of this Agreement, <br />accept gifts, apply for and use grants or loans of money or other property from the United States, <br />the State of Minnesota, a unit of government or other governmental unit or organization or any <br />person or entity for the purposes described herein; may enter into any reasonable agreement <br />required in connection therewith, shall comply with any laws or regulations applicable thereto, and <br />may hold, use and dispose of such money or property in accordance with the terms of the gift, <br />grant, loan or agreement related thereto. <br /> <br />Subdivision 8. Disbursements. All VLAWMO disbursements shall be sent to the Secretary- <br />Treasurer of the Board and the finance officer of the Technical Commission for review. Checks <br />issued by VLAWMO shall have two signatures. Officers and the VLAWMO Administrator may <br />be authorized to sign checks. An Officers bond shall be maintained by VLAWMO in the amount <br />of at least $10,000. VLAWMO will be responsible for paying the premium on said bond. <br /> <br />Subdivision 9. Revenue Bonds to Secure MPCA Loan. VLAWMO is given express authority <br />to issue revenue bonds in a principal amount not to exceed $800,000 (the “Bonds”) to secure the <br />Loan to finance the Project. The term “Bonds” shall also include bonds issued to refund and <br />refinance the Bonds. As provided in Minn. Stat. § 471.59, subd. 11, the Bonds shall be revenue <br />obligations of VLAWMO which are issued on behalf of the Members, and shall be issued subject <br />to the conditions and limitations set forth in Minn. Stat. § 471.59, subd. 11. The Bonds shall be <br />payable solely from VLAWMO’s revenues including its storm water utility fees. VLAWMO may <br />not pledge to the payment of the Bonds the full faith and credit or taxing power of the Members. <br />No bonds, obligations or other forms of indebtedness other than the Bonds may be issued by <br />VLAWMO without the prior consent of the Members.