7.2 Adoption of Joint Powers Agreement for Fire Department

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ee. To accumulate reasonable reserve funds for the purposes as herein provided and to invest funds not currently needed for its operations in a manner consistent with the laws of the state of Minnesota applicable to the respective Parties; ff To collect monies from Parties subject to this Agreement and manage and account for the same; gg. To recommend changes in this Agreement to the Parties,which shall be effective only upon Agreement of all the governing bodies of the Parties; hh. To exercise general supervision over Fire Services and emergency management for the Parties; ii. To obtain property, workers compensation, errors and omissions, and other liability insurance policies on behalf of itself and all Parties consistent with Minnesota law and sufficient to cover claims arising from the operation of the District, its vehicles and equipment, and the actions of the Board Members and all employees within the scope of their employment; and jj. To be responsible for the management of all funds designated in the annual operating budget for the District and the funds designated as contingency funds. ARTICLE IX FINANCIAL MATTERS Subdivision 1. Except as otherwise provided herein, District funds may be expended by the Board in accordance with procedures established by law for the expenditure of funds by Minnesota cities. Orders, checks and drafts shall be signed by at least two authorized persons, who shall be designated by resolution of the Board. Other legal instruments of the Board shall be executed by the Chairperson and the Secretary as designated by the Board. Subdivision 2. As Original Parties, the City of Pequot Lakes shall contribute $ and the City of Breezy Point shall contribute $ to a fire fund managed by the Board(the"fire fund")for payment of the cost of Fire Services in the budget year of 2022. Subdivision 3.Beginning in 2023,the annual contribution of each Party to the fire fund for purposes of funding the annual District budget for Fire Services (the "Annual Per Party Contribution") shall be annually adjusted and based on the application of the following formula: S =U+TxC 2 C=Total estimated cost of District operations in dollars. S = Annual Per Party Contribution representing each contracting Party's share of total cost expressed in dollars. T= Building market value of each Party expressed as a percent of the sum of the building market value of all Parties. Joint Powers Agreement to Provide Fire Services Page 8 of 26