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ARTICLE V. Funding <br /> <br />5.1 <br /> <br />~Generalbt. Funding of the corporation shall be by member political subdivisions through <br />the assessment of dues or through an aggregation fee charged per kilowatt-hour, or a <br />combination of both as determined appropriate by the Board of Directors. <br /> <br />5.2 <br /> <br />Initial Membership Fee. The initial membership fee shall be based upon ~A of 1% of the <br />total annual electric bill of 2000. Such fee shall not exceed $14,000. The initial fee will <br />be credited against future administrative fees imposed after December 31, 2003. It is <br />permissible for political subdivisions to pay the fee prior to formally joining the <br />corporation and be credited with payment of the fee after a resolution approving the <br />articles of incorporation and by-laws is passed by the political subdivision. <br /> <br />5.3 <br /> <br />~. The Board shall have the authority to establish membership dues, an <br />aggregation fee, or both, to be applicable to all Members of the Corporation. The Board <br />may amend such dues and fees at its discretion. The Board shall have the authority to <br />establish appropriate penalties that may be assessed against a Member for failure to pay <br />the dues, aggregation fee, or both, established by the Board. <br /> <br />5.4 <br /> <br />Statements. Membership fees will be billed annually; statements for other fees and <br />expenses will be provided monthly as needed. Due dates for fees and expenses will be <br /> <br />determined by the Board. <br /> <br />1669\02~Draft Bylaws 16 <br /> <br /> <br />