§ 51.29  ANNUAL BUDGET.
   Not less than 70 days prior to each fiscal year of the Municipal Power Agency, the Board of Commissioners shall adopt an annual assessment budget for the fiscal year which shall specify those expenditures which are to be paid from assessments of the members.  The annual assessment budget will also specify a schedule of assessments or method for determining the assessment of each member.  Not less than 60 days prior to each fiscal year of the Municipal Power Agency, the Board of Commissioners shall submit the annual assessment budget to each member.  Any member which does not agree to be bound by the schedule of assessments or method for determining the assessment of each member specified in the annual assessment budget shall give notice of withdrawal as provided in § 51.27(C) prior to the commencement of the fiscal year of the Municipal Power Agency to which the annual assessment budget relates.  Any member which does not so withdraw shall be bound to pay the assessments set forth in or determined pursuant to the method established by the annual assessment budget.  Any time the Board of Commissioners determines that the annual assessment budget no longer properly reflects the expenditures which are to be incurred within the fiscal year, the Board of Commissioners may vote to amend the budget and the schedule of assessments or method for determining the assessment of each member specified therein.  No more than ten days following any such amendment, the Board of Commissioners shall give notice thereof to each member.  Any member which does not agree to be bound by the amended schedule of assessments or method for determining the assessment of each member shall give notice of withdrawal as provided in § 51.27(C) not more than 30 days following the date of the notice of the amendment to the annual assessment budget.  Any member which does not so withdraw shall be bound to pay the assessments set forth in or determined pursuant to the method established by the amended annual assessment budget.  All assessments shall be payable solely from the revenues derived from the ownership and operation of the member’s electric system, and assessments may not constitute legal or equitable pledges, charges, liens, or encumbrances upon any property of the member or upon any of its income, receipts, or revenues, except the revenues of the member’s electric system, and neither the faith and credit nor the taxing power of the member may be pledged for the payment of any assessments.  However, this section shall not prevent the adoption of operating budgets and budgets relating to expenses or bond proceeds or other budgets which relate to monies other than monies raised via assessments.
(1985 Code, § 6-9-5)  (Ord. 1-1980, passed 5-13-1980)