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Subdivision 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 districtm.ay 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 Minnesota Statutes, Chapter 103B: Subdivision 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. Subdivision 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 State of Minnesota;. a unit :of government or other governmental. unit or organization or any person or entity for the. purposes described herein; may enter into. any reasonable agreement required in connection. therewith, shall comply with any laws or regulations applicable thereto, and may hold, use and dispose of such money or property in. accordance with the terms of the gift, grant, loan or agreement related thereto. Subdivision S. Disbursements. All VLAWMO disbursements shall be sent to the SecretaryTreasurer of the Board and the finance officer of the Teclulical Commission for review. Checks issued by VLAWMO shall have two signatures: Officers and. the VLAWMO Administrator may be authorized to sign.checks. An Officers bond shall be maintained by VLAWMO in the amount of at least $1.0,000. VLAWMO will be responsible for paying the premium on said bond. SECTION IN DURATION OF THIS JOINT POWERS AGREEMENT Subdivision L Duration:of Agreement. Each Member agrees to be bound by the terms of this. Agreement until December 31, 2026, and that. it maybe continued thereafter at the option of the Members: This Agreement shall be in full force and effect upon the: filing of certified copy of the resolution. approving said Agreement by each governmental unit. Subdivision 2. Termination of Agreement. This agreement may be terminated prior to January 1,. 2025, by unanimous consent of the parties. If the agreement is to be terminated, a notice of 4767.920 KM VA2454 12