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b. The OLID may request that the City Council approve one or more of the following funding sources, which approval may be granted, revoked, or modified by the City Council annually: i. Assessment of costs of projects upon the benefitted property within the district in the manner provided in Minnesota Statutes Chapter 429; and ii. Imposition of service charges on the users of OLID services; and iii. Levy of an ad valorem tax on property within the OLID, to be appropriated and expended solely in projects of special benefit to the OLID. 6. Board of Directors. The Board of Directors of the OLID shall consist of five members. The Board members must own property within the OLID and a majority of the Directors must reside within the OLID. The initial Directors will be appointed by the City Council with designated alternating terms of one, two and three years. No Director may serve more than two consecutive complete terms. Directors may be removed by two-thirds vote of the remaining Board members, or by a majority of the property owners present at the next annual meeting. A vacancy may be declared if a Director is unable or unwilling to serve, if a Director fails to attend three consecutive meetings, or if a Director no longer owns property within the district. A Director elected to fill a vacancy shall serve the remaining unexpired term. Property owners not present at the annual meeting may participate in the election of the Board of Directors by absentee ballot. Absentee ballots must be received at the office of the OLID no later than the business day prior to the date of the annual meeting. Absentee ballots received after that date shall be void. 7. Duties of the Board of Directors. The Board of Directors shall have the authority to direct the activities and programs of the OLID only to the extent such authority has been granted to the OLID in this Order. The Board of Directors may adopt rules of procedure for conducting meetings and shall maintain a public record of all meetings, reports and financial activities. Such reports and records shall be forwarded to the City at the request of the City Liaison. The Board of Directors shall coordinate the efforts of the OLID with the City, the Soil and Water Conservation District, the Elk River Watershed Association, the Department of Natural Resources, the Pollution Control Agency and other interested agencies, as applicable. a. Annual Meeting. The Board of Directors shall hold at least one annual meeting. The first annual meeting shall be held in July or August and shall continue to be held annually during that period unless changed by a vote at the previous annual meeting. Notice of the annual meeting shall be published and shall be mailed to the City of Elk River, the Department of Natural Resources and the Pollution Control Agency as required by Minn. Stat.§ 103B.571, subd. 2. b. Annual Meeting enda. In addition to other business that may be conducted at the annual meeting, the property owners who are present at the annual meeting shall: (i) elect Directors to fill any midterm vacancies; (ii) approve a budget for the fiscal year; and (iii) approve or disapprove proposed projects by the OLID having a cost to the OLID 4