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(e) Removal of a member from the Agreement due to default will require a 2/3rds <br />vote of all non -defaulting Parties <br />(f) Purchases of real property will require a vote of 2l3rds of the Board of Directors <br />present at the meeting. <br />ARTICLE 7 — RESPONSIBILITIES OF THE PARTIES <br />By entering into this Agreement, the intent of the Parties is to assure effective and timely <br />implementation of recommended actions and to adjust strategies as needed in the future to keep <br />the Indian River Lagoon's recovery on track. The Regulatory Agencies agree to expeditiously <br />review permit applications and to provide the IRL Council information and procedural direction <br />on permitting matters. <br />ARTICLE 8 — BUDGETING AND FUNDING <br />8.1 IRL Council Budgets. The IRL Council will have a fiscal year ending <br />September 30 of each year. Prior to March 1 of each year, a tentative budget outlining the <br />proposed operating and other financial requirements for the upcoming fiscal year will be <br />presented and considered by the Board of Directors for approval. The IRL Council will provide <br />copies of the tentative budget to the Parties and EPA. Prior to June 1 of each year, a final budget <br />will be presented and considered by the Board of Directors for approval and a copy of the final <br />budget will be provided to each Party. The final budget will require approval by two-thirds <br />(2/3rds) of all members of the Board of Directors present. The IRL Council shall comply with <br />all notice requirements under Florida law in creating and approving the tentative and final <br />budgets. <br />8.2 Budget Amendments. The adopted budget will be balanced and will be the <br />operating and fiscal guide for the IRL Council for the upcoming fiscal year. The Board of <br />Directors may from time to time amend the budget at any regular or special meeting. <br />8.3 Funding. Each Party will provide annual funding contributions to the IRL <br />Council to assist in covering the expenses outlined in the final budget and any amendments to the <br />final budget. Except for the first fiscal year beginning on October 1, 2015, the Parties shall <br />tender the annual contributions on or before September 15th of each fiscal year. The annual <br />contributions due for the first fiscal year of this Agreement will be made on or before October <br />15, 2015. The minimum annual contributions for each Party will be as follows: <br />SJRWMD $500,000 <br />SFWMD $500,000 <br />FDEP $250,000 <br />9 <br />