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Memorandum of Agreement <br />Triangle Water Supply Partnership <br />August 7, 2018 Page 12 of 35 <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 /> <br /> <br />16