RES 01105 - Laserfiche WebLink

Section 3.3.4 State Funds for Purchase of Neal Elemental, Site, Funds actually received by District specifically for the purchase of the Neat Elementa_D., site will be paid directly' and promptly to homebuilders funding off-site improvements, on the one hand. and the Cooperative Fee Developers. on the other hand, divided on a 50/50 basis to the extent pa,vments are due under tiffs Amended Cooperative Fee Agreement to these various developers, unless doing so would leave the District with an amount less than One Million Five-Hundred Thousand Dollars ($1,500.000) in the District's capital facilities accounts at the end of any calendar year up to and including 2005. In the event that State funding is not available for Neal Elementary construction by December 31, 2005, and 50% of the State Funds received for the purchase of the Neat Elementary site have not already been paid to the Cooperative Fee Developers by that time, the reference to 2005 in this subpar ~agraph shall be amended without further action of the parties to this Amended Cooperative Fee Agreement to read "2007," solely as applied to the Cooperative Fee Developers. In no event shall the State Funds paid to the Cooperative Fee Developers pursuant to this section exceed the actual, verified cost incurred by the Cooperative Fee Developers as of the date of repayment. Section 3.3.5 Interest. For funds advanced or expended by the Cooperative Fee Developers for the design and construction of Neat Elementary, the Cooperative Fee Developers will forego any interest for a period of two years. Commencing two (2) years from the Effective Date. any funds not already reimbursed by District to the Cooperative Fee Developers will begin to accrue interest at a rate of Wells Fargo prime plus one percent, which interest shall be owed by District to the Cooperative Fee Developers. In the event that State funding is not available for Neat Elementary. construction by the time that interest is due. or other circumstances arise such that District will be left with an amount less than One Million Five-Hundred Thousand Dollars ($1,500,000) in the District's capital facilities accounts at the end of any calendar year, the Cooperative Fee Developers will meet and confer with District regarding the application of interest to funds owed by District to the Cooperative Fee Developers. Section 3.3.6 Reportine of Expenditures. Every. three months, the Cooperative Fee Developers will provide to District an accounting of all expenditures made by the Cooperative Fee Developers in carrying out the provisions of Article III of this Amended Cooperative Fee Agreement. The first such reporting shall be delivered to District by October 15,2001, and shall address all expenditures by the Cooperative Fee Developers through September 30, 2001. Each of these three monthly or quarterly reportings shall include a running total of all such expenditures to date as well as detail concerning the expenditures made during the intervening three month period. Section 3.3.7 Section Read CumulativeYv. The provisions of section 3.3 of this Amended Cooperative Fee Agreement shall be read cumulatively so that under no circumstance must District advance funds to the Cooperative Fee Developers for costs not yet incurred by the Cooperative Fee Developers as of the date that payments are otherwise to be made by District. ARTICLE IV USE OF RESIDENTIAL SCHOOL FEES Section 4.1 Use of Residential School Fees. District shall in accordance with the State School Accounting Manual segregate and use all Residential School Fees solely in June 1. 2001