Determination of Administrative and Program Cost. The share of administrative and program costs assessed to each Member District for each fiscal year shall be paid in the same proportion. Assessment cost is determined by the financial program need divided by the total member district student population according to the fall housing report of the year prior to the budget adoption.
Determination of Administrative and Program Cost. The share of administrative and program costs assessed to each Member District for each fiscal year shall be paid in the same proportion. Assessment cost is determined by the financial program need divided by the total member district student population according to the fall housing report of the year prior to the budget adoption. Prior to the issuance of Project Debt not issued to refund prior Project Debt, any Member District may make a one-time payment to SESE (a “Prepayment”) for its share of cost of the capital improvements to be financed with such Project Debt (the “Project”). The amount of the Prepayment shall be determined by multiplying the total cost of the Project by the percentage of the proportion of the prepaying Member District’s total student population to the aggregate Member District student population according to the most recent fall housing report. Debt service on the Project Debt shall be assessed to each Member District (other than any Member District that makes a Prepayment) on a fiscal year basis. For each fiscal year, assessment cost for Project Debt shall be determined for each such Member District by multiplying the debt service due on the Project Debt in the next succeeding calendar year by the percentage of the proportion of such Member District’s total student population to the aggregate Member District student population according to the most recent fall housing report. Each school district that is a Member District at the time of the issuance of the Project Debt (other than any Member District that makes a Prepayment) will remain liable under the Joint Agreement for its share of debt service on the Project Debt, notwithstanding withdrawal from SESE. Any Member District (other than any Member District that makes a Prepayment) that withdraws or is removed from the Joint Agreement (each, a “Former Member District”) shall, and hereby agrees to continue to pay to the Joint Agreement its assessment of the debt service on the Project Debt as provided for in this Article.
