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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%) based upon the assessed valuation of all real property of each <br />governmental unit within the Area; <br />2) Forty percent (40%) based upon the total area of the property within each governmental <br />unit within 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 June 1 of <br />each year the Board shall prepare a capital improvements program and budget for projects to be <br />started or completed in the following year as described in the Water Plan and submit for approval <br />by the Members. Each proposed project shall be described and its estimated cost and time for <br />completion shall be provided. Only projects described in the Watershed Management Plan or its <br />amendments may be included in the capital improvement budget. Funding in the capital <br />improvement budget shall be calculated as follows: <br />1) If money raised by the Special tax levy or by the Storm Water Utility is to be used for <br />Capital Projects, the Members shall be provided the opportunity to review and approve the <br />amount of the tax levy that will be used for Capital Projects within sixty (60) days of <br />receipt of the Board's Capital 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 shall <br />contribute its budgeted share of the cost of constructing said capital improvement projects. <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 Minn. Stat. Chapter 103B. <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 />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 />