Dates of Payments by District to Charter School Sample Clauses

Dates of Payments by District to Charter School. (a) Pursuant to ORS 338.155(8), the District shall send payment to the Charter School in the percentages set out below within 10 days after receiving payments from the State School Fund pursuant to ORS 327.095, which payments from the state are due on the following dates. • July 15 - 8.33% • August 15 - 8.33% • September 15 - 8.33% • October 15 - 8.33% • November 15 - 8.33% • December 15 - 8.33% • January 15 - 8.33% • February 15 - 8.33% • March 15 - 8.33% • April 15 - 8.33% • May 15 - 8.33% • June 15 – balance (b) There will be an adjustment with the final [June] payment, as provided in state law, to reflect changes in calculation of ADMw, changes, if any, in the general purpose grant amount, and changes, if any, with respect to funding during prior school years. (c) The parties recognize that there may be fluctuations from month to month in the total sum on which these percentage amounts are calculated due to fluctuations in the Charter School ADMw during a school year, as well as due to possible changes in the state’s determination of the general purpose grant, and thus the amount payable by the District to the Charter School may change from month to month. These fluctuations will be dealt with as follows: (i) if the Charter School’s actual ADMw is less than the projected ADMw given to the District before the school year began under Section 7.2.4, then the monthly amount under paragraph (a) will be reduced accordingly, consistent with the formulas set forth in Sections 7.2.2 and 7.2.3; the purpose of this is to make sure that there are not in effect “overpayments” for several months during the year, which would result in a greatly reduced final payment to the Charter School; (ii) if the Charter School’s actual ADMw is more than the projected ADMw given to the District before the school year began, the monthly payments will not be increased to reflect such a change; rather, the monthly payments will continue to be based on the projected ADMw, until the District receives from the state its “balance” payment in June of the school year [or whichever month may be set by state law]; and at that time a recalculation of the total sum due to the Charter School will be made so that the balance due will then be paid, consistent with the formulas set forth in Sections 7.2.2 and 7.2.3; the purpose of this is to ensure that the District is not required to make larger monthly payments than it had planned based on the Charter School’s projected ADMw, when the District ...
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