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(I ) Annual Budget; Assessments. The Board of Directors <br /> shall prepare an annual operating budget for each Fiscal Year . <br /> The operating budget shall include estimated expenditures for the <br /> Fiscal Year less anticipated revenue to be derived from the <br /> Municipal Power Agency' s properties, operations and contracts <br /> during such Fiscal Year not otherwise appropriated to debt of the <br /> Municipal Power Agency. The estimated expenditures shall include <br /> the expenses to be incurred in the operation and administration of <br /> the Municipal Power Agency, including the salaries of employees <br /> and the payment of compensation for architectural , engineering, <br /> legal , fiscal and similar services (unless such compensation comes <br /> within the confines of clause (iv ) below) ) , and amounts for <br /> contingencies and reserves but shall not include (i ) the principal <br /> of , redemption premium or interest on bonds or notes' of the <br /> Municipal Power Agency or any of its Members under any contract <br /> for the generation, transmission, distribution , purchase , sale or <br /> other disposition of energy, ( iii ) the operation and maintenance <br /> costs relating to any real or personal property owned or leased by <br /> the Municipal Power Agency or in which it may have an interest for <br /> the generation, transmission, distribution, purchase , sale or <br /> other disposition of energy, or (iv) any other costs, expenses or <br /> debts of the Municipal Power Agency which are generally paid from <br /> anticipated revenue of the Municipal Power Agency, whether or not <br /> so paid . The annual operating budget may but need not include any <br /> moneys due and owed by the Municipal Power Agency to any third <br /> party. Estimated revenue shall include any and all moneys to be <br /> derived by the Municipal Power Agency from any source which is in <br /> cm,; excess of that required to pay those items set forth in clauses <br /> (i ) , ( ii ) , (iii ) , and ( iv) above. <br /> The Board of Directors shall submit the proposed annual <br /> operating budget and proposed schedule of rates, together with a <br /> proposed schedule of assessment payment dates, to the <br /> Representatives at the annual meeting or at a special meeting <br /> called for that purpose. The annual operating budget may be <br /> adopted by a majority of the votes cast by the Representatives, <br /> each casting one vote , and a majority of the votes cast by the <br /> Representatives in accordance with the weighted voting formula set <br /> forth in Section 9 (C) hereof , at such meeting, including any <br /> adjourned session thereof . Upon approval of the annual operating <br /> budget, the net amount of estimated expenditures therein in excess <br /> of the estimated revenues therein shall be deemed assessed against <br /> the Members . The amount assessed against each Member shall be in <br /> the same proportion as the 'Member ' s weighted vote bears to the <br /> aggregate amount of weighted votes capable of being cast by all <br /> Members. Upon the approval of the annual operating budget by the <br /> Representatives, the amount assessed against each Member shall <br /> become an obligation of the Member, enforceable , except as <br /> otherwise provided in this Section 9 , as a contract right of the <br /> Municipal Power Agency. Such assessments shall be paid in <br /> accordance with the schedule prepared by the Board of Directors <br /> and submitted to the Representatives for their approval with the <br />• - 12 - <br />