Term Conditions Precedent. A. This Contract is effective as of March 10, 2020 (the “Effective Date”) and shall continue through June 30, 2026; however, funding shall not commence until July 1, 2021, and the School shall have a planning period, sometimes referred to as a “Zero Year”, from the Effective Date through June 30, 2021. Although this Contract is for operation of the School for a period of (5) years from the date of commencement of funding, any financial commitment on the part of the District contained in this Contract is subject to annual appropriation by the District and the Parties agree that the District has no obligation to fund the financial obligations under this Contract other than for the current fiscal year of the Contract term. The District has not irrevocably pledged and held for payment sufficient cash reserves for funding the School or for providing services herein for any subsequent fiscal year during the remaining term of the Contract. B. The Parties further agree that any financial obligations on the part of the School contained in this Contract is subject to annual appropriation by the School and the Parties agree that the School has no financial obligations under this Contract other than for the current fiscal year of the Contract term; and that the School has not irrevocably pledged and held for payment sufficient cash reserves for paying its obligations under this Contract for any subsequent fiscal year during the remaining term of the Contract. The Charter Contract may be renewed for an additional period upon application for renewal in accordance with the Act and District Board approval of the renewal application. C. The Parties further acknowledge and agree that this Contract, and the District’s obligations hereunder, are conditioned on the School’s satisfaction of the conditions of approval set forth in the Resolution, including the condition that the School open by September 2021. If the School materially fails to satisfy one or more of the conditions of approval, such failure shall be considered a material violation of conditions, standards or procedures provided for in the Contract and shall be grounds for District intervention pursuant to Section 2.2.I. or termination under Section 11.3 of this Contract. However, the District may in its good faith determination waive or modify the restrictions contained in the Resolution or herein or may grant the School additional time to comply with the same, or an additional planning year upon good cause shown.
Appears in 1 contract
Sources: Charter School Contract
Term Conditions Precedent.
A. This Contract is effective as of March 10, 2020 (the “Effective Date”) and shall continue through June 30, 2026; however, funding shall not commence until July 1, 2021, and the School shall have a planning period, sometimes referred to as a “Zero Year”, from the Effective Date through June 30, 2021. Although this Contract is for operation of the School for a period of (5) years from the date of commencement of funding, any financial commitment on the part of the District contained in this Contract is subject to annual appropriation by the District and the Parties agree that the District has no obligation to fund the financial obligations under this Contract other than for the current fiscal year of the Contract term. The District has not irrevocably pledged and held for payment sufficient cash reserves for funding the School or for providing services herein for any subsequent fiscal year during the remaining term of the Contract.
B. The Parties further agree that any financial obligations on the part of the School contained in this Contract is subject to annual appropriation by the School and the Parties agree that the School has no financial obligations under this Contract other than for the current fiscal year of the Contract term; and that the School has not irrevocably pledged and held for payment sufficient cash reserves for paying its obligations under this Contract for any subsequent fiscal year during the remaining term of the Contract. The Charter Contract may be renewed for an additional period upon application for renewal in accordance with the Act and District Board approval of the renewal application.
C. The Parties further acknowledge and agree that this Contract, and the District’s obligations hereunder, are conditioned on the School’s satisfaction of the conditions of approval set forth in the Resolution, including the condition that the School open by September 2021. If the School materially fails to satisfy one or more of the conditions of approval, such failure shall be considered a material violation of conditions, standards or procedures provided for in the Contract and shall be grounds for District intervention pursuant to Section 2.2.I. or termination under Section 11.3 of this Contract. However, the District may in its good faith determination waive or modify the restrictions contained in the Resolution or herein or may grant the School additional time to comply with the same, or an additional planning year upon good cause shown.
Appears in 1 contract
Sources: Charter School Contract