11-14-2016 Council Packet - Laserfiche WebLink

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5. Besides electing directors, what else happens at the annual meeting? Each LID must have an annual meeting of property owners. This meeting must be held during July or August unless changed by majority vote at the previous annual meeting. Written notice of the meeting must be mailed to all property owners within the district, the county board and DNR at least 10 days prior to the meeting. In addition to electing new directors, those present at the annual meeting must: 1. Approve the district budget for the upcoming fiscal year; 2. Approve or disapprove any project costing the district more than $5,000; and 3. Discuss other district activities. 6. How are LID activities funded? A LID does not have any taxing authority of its own. Rather, the county board specifies the funding arrangement when it establishes the LID. Typically, a LID must pass its budget recommendations through the county board for approval and actual collection. To finance LID projects, services and general administration, a county may: 1. Assess costs to benefited properties; 2. Impose service charges; 3. Issue general obligation bonds; 4. Levy an ad valorem tax solely on property within the district; or 5. Any combination of the above. A LID can also be the recipient of grants from state and federal agencies and private foundations. 7. How is a LID established? There are two ways in which a LID may be established: 1. By petition of property owners within the proposed district; or 2. By county board resolution. Of the two, the petition process is the more common procedure. A petition requesting the formation of a LID must be signed by a majority of the property owners in the proposed district. The petition is addressed to the county board and filed with the county auditor. The county auditor verifies the signatures on the petition and notifies the county board. A public hearing is held and the county board establishes its findings to grant or deny the LID and sets the effective date for the LID to begin. In lieu of a petition signed by a majority of the property owners, the county board may choose to initiate the establishment of a LID by itself. The board adopts a resolution declaring its intent to establish a LID. A public hearing is held, and the decision is made. 2 LID Questions and Answers 2006 Editiou