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INITIAL DRAFT 4-14-25 13 (2) Forty percent (40%) based upon the total area of the property within each governmental unit with the Area; and (3) Twenty percent (20%) based upon the population of each governmental unit within the Area. (c) Payment. Each Member shall pay its Member assessment amount: (1) no later than January 31st in the year in which it is due; or pay one-half (1/2) of the assessment by January 31st of the year due and pay the second one-half (1/2) of the assessment by August 31st of the year due. If a Member fails to pay its assessment by the applicable due dates, it will be required to pay a one percent (1%) per month service on the unpaid amount due. 6.4 Capital Improvement Program and Funding. (a) Preparation. Each year the Board shall prepare a Capital Improvement Program and budget for Capital Improvements anticipated to be started or completed in the following year as described in the Watershed Management Plan. Each proposed Capital Improvement shall be specifically identified and its estimated cost and time for completion shall be provided. Only Capital Improvements included in the Watershed Management Plan, or its amendments, may be included in the capital improvement budget. (b) Funding. Capital Improvements may be funded by a combination of funds budgeted by VLAWMO as part of its annual budget, grants received by VLAWMO, and expenditures made directly by one or more Members. For jointly funded projects, VLAWMO shall agree in writing with the Members making direct contributions toward the Capital Improvement the amounts of funding and the responsibilities toward constructing and maintaining the Capital Improvement. 6.5 Governmental Unit Financing. Members may establish a watershed management tax district in the Area for the purpose of paying costs of the engineering and planning required to develop a watershed management plan for the Area. After the plan is adopted and approved, a tax district may be established for the purpose of paying capital costs of projects described in the plan (including normal and routine maintenance of projects). If required, the tax district shall be established by ordinance adopted after a hearing by a local government unit, following provisions of Minn. Stat., chap. 103B. 6.6 Reserve Funds. The Board may accumulate reserve funds for the purposes herein mentioned and may invest funds of the Board not currently needed for its operations in the manner and subject to the laws of Minnesota applicable to statutory cities. Any and all reserve funds must be clearly indicated on the annual financial audit provided to the Members. 6.7 Gifts; Grants; Loans. VLAWMO may, within the scope of this Agreement, accept gifts, apply for and use grants or loans of money or other property from the United States, the