CK G RO UND Sample Clauses

CK G RO UND. 1. At a special election held on November 7, 1989, more than two-thirds of the voters of the District approved Measure A, authorizing the levy and collection of a special tax at the rate of $67 per taxable unit (the “Special Taxes”), for the purpose of providing financing for the rehabilitation and improvement of existing elementary, middle and high school facilities and other facilities, and the construction and installation of new elementary, middle and high school facilities at existing school sites, together with necessary appurtenances thereto and furniture and equipment therefor (collectively, the “Authorized Projects”). 2. The District wishes at this time to provide financing for projects and facilities which constitute Authorized Projects under Measure A (the “Projects”). 3. In order to provide financing for the Projects, the District has leased the land and buildings at the School, as described more fully in Appendix A attached hereto and made a part hereof (the “Leased Property”), to the Corporation under a Site Lease recorded concurrently herewith in consideration of the payment of an upfront rental payment in an amount sufficient for such purposes, and the Corporation has agreed to lease the Leased Property back to the District under this Lease in consideration of the agreement by the District to pay semiannual lease payments (the “Lease Payments”). 4. The Lease Payments will be payable from any source of legally available funds of the District, including the General Fund of the District, and will additionally be payable from and secured by a pledge of and lien on the Special Taxes which is subordinate to the pledge and lien which secures outstanding Special Tax Bonds of the District. 5. The Corporation has agreed to assign its right to receive the Lease Payments to U.S. Bank National Association, as trustee (the “Trustee”), and in consideration of such assignment the Trustee has agreed to execute and deliver $ aggregate principal amount of 2018 Certificates of Participation (the “Certificates”), each evidencing a direct, undivided fractional interest in the lease payments to be paid by the District hereunder, the proceeds of which will be applied by the Corporation to finance the acquisition and construction of the Projects under a Trust Agreement dated as of July 1, 2018 (the “Trust Agreement”), among the Corporation, the District and the Trustee. 6. The District is authorized to enter into the Site Lease and this Lease Agreement under Sectio...
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