Resolution 7632 Shoreline Fire JPA

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i. Prepare budgets for the Department as required by Sections 15.4 and 15.5 below. 15.3 Transfer of Equipment. Effective on the Operative Date, each Member agrees to convey and transfer to the Department its respective ownership interests in the equipment and personal property identified in the attached Exhibit B ("the Equipment") for no consideration, in accordance with Minnesota Statutes, Section 471.85. Based on the Members' review and evaluation of the comparative values of the Equipment to be transferred to the Department, and the allocation formula in Section 7 of this Agreement, no payments shall be required by the Members with respect to any Equipment conveyed to the Department as of the Operative Date, 15.4 2025 Budget and Funding Shares. Within thirty (30) days of the Effective Date, the Board must prepare a Department budget for the period commencing on the Effective Date and ending December 31, 2025 and the Members' initial contributions toward that budget, which will be calculated in accordance with Section 7; no Member's initial contribution may exceed $XXXX. The Board's determination is final, and approval of the Member's governing bodies is not required. The Members agree to pay their respective shares within thirty (30) days after receipt of an invoice from the Department. 15.5 2026 Budget and Funding Shares. The Board shall prepare a budget for Fiscal Year 2026, commencing with the established Operative Date, and shall allocate the initial budget among the Members in accordance with Sections 7 and 8 of this Agreement. The Board must provide the proposed budget to the Members no less than 45 days before the Operative Date. The Members shall have thirty (30) days to approve the budget. If there is a dispute regarding the 2025 budget, the dispute resolution provisions of Section 8.3 apply, except that the Board - approved budget will serve as the interim budget, pending the final decision of an arbitrator. 15.6 Fire District Formation. The Members agree to consider transitioning the Department to a Fire Protection and Emergency Medical Services Special Taxing District as identified in MN Stat. 144F.01. The Members agree to prioritize the completion of a study for such a transition within the first five years from the Operative Date of the Department. IN WITNESS WHEREOF, the Members have caused this Agreement to be executed by their duly authorized officers. [signata�re pages follow) 235703v20