If any District has not undertaken development of capital facilities or issued any indebtedness, it may apply to the Town Board for an exemption from compliance with this Article for a period of time not to exceed two (2) years. The Town Board may grant an exemption if the Board submits a resolution to the Town Board stating that upon issuance of the exemption, the District’s authorization under the service plan and the intergovernmental agreement with the Town to undertake development of capital facilities or issue any indebtedness is temporarily suspended. With issuance of the partial exemption, the District shall be exempted from compliance with this Article, except that the District annually, not later than September 1, shall submit financial statements from the previous year and the budget for the current year. (Ord. 791, 2005; Ord. 846, 2006)