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2) One-half (1l2) of each Members entire amount shall he,due by January 31 of the year <br />due and the second one.half (112) of the. entire amount .shall be due by August 31. of the <br />year due. <br />Failure to pay the required amounts by the due dates will cause a one percent (1 ) per month. <br />service fee to be added to the unpaid. amount due. <br />Subdivision I Budget Meeting anal Approval, The. proposed annual Operating and Capital <br />improvement budget for the next calendar year shall be.prepared by September 1 each. calendar <br />year.. <br />Subdivision 3. Annual Assessment for Services. <br />The annual contribution of each. Member or other entity shall be calculated upon the following <br />formula: <br />.1). Forty percent (40%a) based upon the assessed valuation of all real property of each <br />government unit within the .Area, <br />2) Forty percent (40%) based upon the total area of the property within each governmental <br />unit with the Area; and <br />3) Twenty percent (20%) based upon the population of each governmental unit within the. <br />Area. <br />Subdivision 4. Capital Improvement Projects Program and Funding. On or before July I of <br />each year the Board shall prepare a capital improvements program and budget for projectsto be <br />started or completed in the following year as described in the Water.Plan. Each proposed project <br />shall be described and its estimated cost and time for completion shall be provided. Qnlyprojects <br />described in the Watershed Management Plan or its amendments may be included in the capital <br />improvement budget. Funding in the capital improvement budgetshall be calculated as follows. <br />1) If money raised by the Special tax levies to be used for. Capital Projects, the Members shall <br />be provided the opportunity to review and approve the amount of the tax levy that will be <br />used far Capital Projects within sixty (60)Aays of receipt of the Board's Capital <br />Improvement Budget; <br />2) If a capital project. is. to be funded wholly or in part by one or more governmental unit(s), <br />they will be provided the opportunity to. review and approve or disapprove the capital. <br />improvement budget within sixty (60) days of receipt of the. Board's Capital Improvement <br />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 />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 />476102v6 MI VA245-1 11 <br />