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(2) the imposition of rates and charges; and <br /> (3) the issuance of bonds <br /> to finance improvements that the district may undertake. <br /> Annual meeting of LID <br /> 1) Time - The LID must have an annual meeting. The first annual meeting shall be <br /> scheduled during July or August and be held annually in that period unless <br /> changed by vote of the previous annual meeting. <br /> 2) Notice—The annual meeting shall be preceded by two weeks published notice. <br /> Written notice must be mailed at least 10 days in advance of the meeting to the <br /> county board, town boards, statutory and home rule charter cities within the <br /> district, the pollution control agency, and commissioner of natural resources. In <br /> the event there is a proposed project by the LID having a cost in excess of$5,000, <br /> all property owners within the assessment area shall also receive written <br /> notification 10 days in advance of the meeting. <br /> 3) Agenda —The LID property owners present shall: <br /> a) elect one or more directors to fill vacancies in the board of directors; <br /> b) approve a budget for the fiscal year; <br /> C) approve or disapprove proposed projects having a cost in excess of <br /> $5,000; <br /> d) take up and consider other business. <br /> 4) At the annual meeting all district property owners, including absent members as <br /> provided in the order establishing the district, shall elect one or more directors for <br /> board positions with expiring terms. <br /> 5) Annual Report—Each year the board of directors shall prepare a report of the <br /> financial conditions of the LID, status of all projects, business transacted in the <br /> LID, other matters affecting the LID and a discussion of the director's intention <br /> for the succeeding years. <br /> Board of Directors <br /> 1) Membership —Upon formation of the LID, the city council shall appoint persons <br /> to serve as the initial board of directors. The initial and all subsequent boards of <br /> directors must include persons owning property within the district, and a majority <br /> of the directors must be residents of the district. <br /> 2) Compensation—The directors shall serve with compensation as determined by <br /> the property owners at the annual meeting and may be reimbursed for their actual <br /> expenses necessarily incurred in the performance of their duties. <br /> 133358v1 <br />