CALCULATION OF ANNUAL SUPPLEMENTAL PAYMENTS TO THE DISTRICT. For each Tax Year beginning with the period starting the first full year of the Qualifying Time Period (2022) and ending December 31 of the third year following the end of the Tax Limitation Period (2037), Supplemental payments shall be owed. During the Qualifying Time Period and for the three years following the end of the Tax Limitation Period, the supplemental payment amount shall not be subject to the Aggregate Limit. If, for any Tax Year during the Limitation Period of this Agreement the Cumulative Payment Amount, calculated under Sections IV, V and VI of this Agreement, exceeds the Aggregate Limit for such Tax Year, the difference between the Applicant’s Supplemental Payment Amount so calculated and the Aggregate Limit for such Tax Year, shall be carried forward from year-to- year until paid to the District. The Aggregate Limit shall not apply nor limit Supplemental Payment amounts due to the District during the Qualified Time Period or in the three years following the end of the Tax Limitation Period.
Section 10.1 is amended as follows:
CALCULATION OF ANNUAL SUPPLEMENTAL PAYMENTS TO THE DISTRICT. For each Tax Year during the term of this Agreement beginning with the Tax Year that includes the date on which the Qualifying Time Period commences under this Agreement as provided in Section 2.3.C.i, and ending with the third Tax Year following the end of the Tax Limitation Period, the District, or its successor beneficiary should one be designated under Section 6.6 below, shall not be entitled to receive Supplemental Payments, computed under Sections 6.1, 6.2, and 6.3 above, that exceed the Net Aggregate Limit. If, for any Tax Year during the term of this Agreement the amount of the Applicant’s Stipulated Supplemental Payment Amount, calculated under Sections 6.1, 6.2, and 6.3 above for such Tax Year, exceeds the Net Aggregate Limit for such Tax Year, the difference between the Applicant’s Stipulated Supplemental Payment Amount so calculated and the Net Aggregate Limit for such Tax Year, shall be carried forward from year-to-year into subsequent Tax Years during the term of this Agreement, and to the extent not limited by the Net Aggregate Limit in any subsequent Tax Year during the term of this Agreement, shall be paid to the District. Any of the Applicant’s Stipulated Supplemental Payment Amounts which cannot be paid to the District prior to the end of the third full Tax Year following the end of the Tax Limitation Period, as defined in Section 2.3.D.ii, because such payment would exceed the Net Aggregate Limit, will be deemed to have been cancelled by operation of law, and the Applicant shall have no further obligation with respect thereto.
CALCULATION OF ANNUAL SUPPLEMENTAL PAYMENTS TO THE DISTRICT. For each Tax Year beginning with the period starting the first full or partial year of the Qualifying Time Period (2025) and ending December 31 of the third year following the end of the Tax Limitation Period (2040), Supplemental payments shall be owed. The amount of each Supplemental Payment shall be equal to the limitation amount calculated in accordance with Section 6.2 above, except that for all Tax Years during the Tax Limitation Period, the supplemental payment amount shall be subject to the Aggregate Limit as provided in the following paragraph. If, for any Tax Year during the Tax Limitation Period of this Agreement the Cumulative Payments calculated under Sections IV, V and VI of this Agreement, exceed the Aggregate Limit for such Tax Year, the Applicant’s Supplemental Payment amount for each Tax Year shall be reduced by the difference between the Cumulative Payments and the Aggregate Limit for such Tax Year, with such difference being carried forward from year-to-year until paid to the District. The Aggregate Limit shall not apply nor limit Supplemental Payment amounts due to the District during the Qualifying Time Period and the three-year period following the end of the Limitation Period.
CALCULATION OF ANNUAL SUPPLEMENTAL PAYMENTS TO THE DISTRICT. For each Tax Year beginning with the period starting the first full or partial year of the Qualifying Time Period (2026) and ending December 31 of the third year following the end of the Tax Limitation Period (2040), Supplemental Payments shall be owed. The amount of each Supplemental Payment shall be equal to the limitation amount calculated in accordance with Section
CALCULATION OF ANNUAL SUPPLEMENTAL PAYMENTS TO THE DISTRICT. For each Tax Year beginning with the period starting the first full or partial year of the Qualifying Time Period (2020) and ending December 31 of the third year following the end of the Tax Limitation Period (2033), the full supplemental payment amount shall be paid and shall not be subject to the Aggregate Limit. If, for any Tax Year during the Limitation Period of this Agreement the Cumulative Payments calculated under Sections IV, V and VI of this Agreement exceed the Aggregate Limit for such Tax Year, the difference between the Cumulative Payments so calculated and the Aggregate Limit for such Tax Year shall be carried forward from year-to-year until paid to the District. Although the Aggregate Limit may affect the timing of the payment of the Supplemental Payments, the Aggregate Limit shall not have the effect of reducing the amount of the Supplemental Payments except as set forth in Section 6.4(d). For illustrative purposes, the Supplemental Payments shall be paid as follows: 2020 $50,000 2021 $50,000 2022 $50,000 2023 $50,000 2024 $50,000 2025 $50,000 2026 $50,000 2027 $50,000 2028 $50,000 2029 $50,000 2030 $50,000 2031 $50,000 2032 $50,000 2033 $50,000
CALCULATION OF ANNUAL SUPPLEMENTAL PAYMENTS TO THE DISTRICT. For each Tax Year beginning with the period starting the first year of the Tax Limitation Period and ending December 31 of the last year of the Tax Limitation Period (Tax Year 2030), supplemental payments shall be owed. If, for any Tax Year during the Limitation Period of this Agreement the Cumulative Payments owed under Sections IV, V and VI of this Agreement, exceeds the Aggregate Limit for such tax year, the difference between the Applicant’s Supplemental Payment Amount so calculated and the Aggregate Limit for such Tax Year, shall be carried forward from year-to-year until paid to the District.
CALCULATION OF ANNUAL SUPPLEMENTAL PAYMENTS TO THE DISTRICT. For each Tax Year beginning with the period starting the first full or partial year of the Qualifying Time Period and ending December 31 of the third year following the Tax Limitation Period, supplemental payments shall be owed. For each Tax Year not falling within the Tax Limitation Period, the full supplemental amount shall be paid and shall not be subject to the Aggregate Limit. If, for any Tax Year during the Tax Limitation Period of this Agreement the Cumulative Payment Amount, calculated under Sections IV, V and VI of this Agreement, exceeds the Aggregate Limit for such Tax Year, the difference between the Applicant’s Supplemental Payment Amount so calculated and the Aggregate Limit for such Tax Year, shall be carried forward from year-to-year until paid to the District. The Aggregate Limit shall not apply nor limit Supplemental Payment amounts due to the District during the Qualifying Time Period or in the three years following the end of the Tax Limitation Period. For illustrative purposes, the Supplemental Payments shall be paid as follows: 2020 The greater of $50,000 or $100 multiplied by the District’s Average Daily Attendance for the previous school year. 2021 The greater of $50,000 or $100 multiplied by the District’s Average Daily Attendance for the previous school year. 2022 The greater of $50,000 or $100 multiplied by the District’s Average Daily Attendance for the previous school year. 2023 The greater of $50,000 or $100 multiplied by the District’s Average Daily Attendance for the previous school year. 2024 The greater of $50,000 or $100 multiplied by the District’s Average Daily Attendance for the previous school year. 2025 The greater of $50,000 or $100 multiplied by the District’s Average Daily Attendance for the previous school year. 2026 The greater of $50,000 or $100 multiplied by the District’s Average Daily Attendance for the previous school year. 2027 The greater of $50,000 or $100 multiplied by the District’s Average Daily Attendance for the previous school year. 2028 The greater of $50,000 or $100 multiplied by the District’s Average Daily Attendance for the previous school year. 2029 The greater of $50,000 or $100 multiplied by the District’s Average Daily Attendance for the previous school year. 2030 The greater of $50,000 or $100 multiplied by the District’s Average Daily Attendance for the previous school year. 2031 The greater of $50,000 or $100 multiplied by the District’s Average Daily Attendance for the previous school ...
CALCULATION OF ANNUAL SUPPLEMENTAL PAYMENTS TO THE DISTRICT. For each Tax Year beginning with the period starting with the first full or partial year of the Qualifying Time Period (2025) and ending December 31 of the final year of the Tax Limitation Period (2035), Supplemental Payments shall be owed. The amount of each Supplemental Payment shall be equal to the limitation amount calculated in accordance with Section 6.2 above, except that for all Tax Years during this Agreement, the Supplemental Payment amount shall be subject to the Aggregate Limit as provided in the following paragraph. If, for any Tax Year during the term of this Agreement, the Cumulative Payments calculated under Sections IV, V and VI of this Agreement exceed the Aggregate Limit for such Tax Year, the Applicant’s Supplemental Payment amount for each Tax Year shall be reduced by the difference between the Cumulative Payments and the Aggregate Limit for such Tax Year, in the same manner provided at Section 4.10.
CALCULATION OF ANNUAL SUPPLEMENTAL PAYMENTS TO THE DISTRICT. AND APPLICATION OF AGGREGATE LIMIT. For each Tax Year during the term of this Agreement beginning with the Tax Year 2026, which is the Tax Year that includes the date on which the Qualifying Time Period commences under this Agreement as provided in Section 2.3.C.i, and ending with Tax Year 2040, which is the third Tax Year following the end of the Tax Limitation Period, the District, or its successor beneficiary should one be designated under Section 6.7 below shall not be entitled to receive Supplemental Payments, computed under Sections 6.2 and 6.3 above, that exceed the Aggregate Limit.
CALCULATION OF ANNUAL SUPPLEMENTAL PAYMENTS TO THE DISTRICT. For each Tax Year beginning with the first year of the tax limitation period (2023) and ending December 31 of the end of the Tax Limitation Period (2032), Supplemental payments shall be owed. If, for any Tax Year during the Limitation Period of this Agreement the Cumulative Payments calculated under Sections IV, V and VI of this Agreement, exceed the Aggregate Limit for such Tax Year, the Applicant’s Supplemental Payment Amount so calculated and the Aggregate Limit for such Tax Year, shall be carried forward from year-to-year until paid to the District. The Aggregate Limit shall not apply nor limit Supplemental Payment amounts due to the District during the Qualified Time Period or in the three years following the end of the Tax Limitation Period.
