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14 <br /> Memorandum of Agreement <br /> Triangle Water Supply Partnership <br /> v) Procedures and conditions for amending, modifying or terminating the <br /> contract.. <br /> 14)Dues: <br /> a) Each Member will support the Partnership Operating Fund by payment of Annual <br /> Dues to the Fiscal Agent. <br /> b) After invoices are received, Annual Dues are due as of July 1 each fiscal year and <br /> are considered timely if paid by July 31 of that fiscal year. <br /> c) Annual Funding Target for Partnership Operating Fund: <br /> i) The total amount to be collected in Annual Dues each fiscal year will be based <br /> on the amount needed to meet the Partnership Operating Fund annual target <br /> for the beginning of the fiscal year as shown in the 5-Year Project and <br /> Funding Plan adopted by the Partnership at its annual meeting the previous <br /> fiscal year. <br /> ii) Exhibit 1 shows the initial 5-Year Project and Funding Plan including the <br /> Fiscal Year 2019 Annual Funding Target for the Partnership Operating Fund. <br /> d) Cost Allocation Basis: <br /> i) Annual Dues will be allocated according to a three-tiered dues structure based <br /> on each Participants' number of water connections at the time of budget <br /> adoption: <br /> (1) Tier 1: 0-9,999 water connections -pays Base Rate <br /> (2) Tier 2: 10,000-49,999 water connections -pays 2 times Base Rate <br /> (3) Tier 3: 50,000+water connections -pays 3 times Base Rate <br /> ii) The Partnership may alter this basis for allocation of Annual Dues by Super <br /> Majority Vote without the need to revise this Agreement. For example, the <br /> Partnership may need to alter the cost allocation basis to accommodate a new <br /> Participant such as a reservoir operator that does not provide or plan for water <br /> connections. The 5-Year Project and Funding Plan adopted each year will <br /> include the current cost allocation basis. <br /> iii) Allocation of Annual Dues will be done each year at the Partnership Annual <br /> Meeting, for the next fiscal year, to provide input for Participant budget <br /> planning. <br /> iv) Additional costs to individual Participants for Special Projects (Special <br /> Projects Dues)will be included in appropriate Participant's dues as approved <br /> by the subset(s) of Participants participating in each Special Project. <br /> August 7, 2018 Page 12 of 35 <br />