Distribution of Funds and Assets. In the event the Charter School ceases operation for any reason, the Charter School and its Governing Board will be responsible for concluding the business and affairs of the Charter School and will cooperate with the Local Board and State Board to the extent necessary to provide an orderly return of the students to their local school. Any public surplus remaining at the time the Charter School ceases operation shall be remitted to the Local Board and/or State Board, whichever is appropriate, within 30 days of ceasing operations. Any furniture and equipment purchased with public funds shall be delivered to the Local Board and/or State Board, whichever is appropriate, within 30 days of ceasing operations. Neither the Local Board nor the State Board shall be responsible for the Charter School’s unpaid debts in the event the Charter School does not have sufficient funds to pay all of its debts at the time it ceases operation.
Distribution of Funds and Assets. If the SCSC terminates the Charter or the Charter expires, the Governing Board shall conclude the business and affairs of the Charter School and cooperate with the SCSC to the extent necessary to provide an orderly return of the students to their local school. The Charter School shall remit any surplus or unencumbered funds derived from state or federal grants existing as of the effective date of termination or expiration (“closure date”), and any furniture, equipment or other assets purchased with state or federal grant funds, to the SCSC in the manner specified by SCSC within sixty (60) days of the closure date. All other assets of the Charter School shall revert to the SCSC after the Charter School’s liabilities are satisfied. The SCSC is not responsible for the Charter School’s unpaid debts in the event the Charter School does not have sufficient funds to pay all of its debts as of the closure date.
Distribution of Funds and Assets. In the event the Charter School ceases operation for any reason, the Charter School and its Governing Board will be responsible for concluding the business and affairs of the Charter School and will cooperate with the Local Board and State Board to the extent necessary to provide an orderly return of the students to their local school. Any public surplus remaining at the time the Charter School ceases operation shall be remitted to the Local Board or State Board, whichever is appropriate, within 30 days of ceasing operations. Any furniture and equipment purchased with public funds shall be delivered to the Local Board or State Board, whichever is appropriate, within 30 days of ceasing operations. Neither the Local Board nor the State Board shall be responsible for the Charter School’s unpaid debts in the event the Charter School does not have sufficient funds to pay all of its debts at the time it ceases operation. The date by which public surplus funds, furniture, and equipment shall be remitted to the Local Board or State Board under this Section may be extended for a reasonable period of time as determined by the Local Board or State Board; provided that, within thirty (30) days of the Charter School ceasing operation, the Governing Board makes a written request for an extension of time that describes the basis for the request.
Distribution of Funds and Assets. In the event the Charter School ceases operation for any reason, the Charter School and its Governing Board will be responsible for concluding the business and affairs of the Charter School and will cooperate with the SCSC to the extent necessary to provide an orderly return of the students to their local school. Any public surplus remaining at the time the Charter School ceases operation shall be remitted to the SCSC, within 30 days of ceasing operations. Any furniture and equipment purchased with public funds shall be delivered to the SCSC within 30 days of ceasing operations. The SCSC shall not be responsible for the Charter School’s unpaid debts in the event the Charter School does not have sufficient funds to pay all of its debts at the time it ceases operation.
Distribution of Funds and Assets. If the SCSC tenninates the Charter or the Charter expires, the Governing Board shall conclude the business and affairs of the Charter School and cooperate with the SCSC to the extent necessary to provide an orderly return of the students to their local school. The Charter School shall remit any surplus or unencumbered funds derived from state or federal grants, and any furniture, equipment or other assets purchased with state or federal grant funds, to the SCSC in the manner specified by SCSC within thirty (30) days of the effective date of termination or expiration. The effective date of termination is the date of the SCSC's decision to tenninate unless otherwise specified by the SCSC. All other assets of the Charter School shall revert to the SCSC after the Charter School's liabilities are satisfied, but no later than ninety (90) days of the effective date of termination or expiration. The SCSC is not responsible for the Charter School's unpaid debts in the event the Charter School does not have sufficient funds to pay all of its debts as of the closure date.
Distribution of Funds and Assets. In the event the Charter School ceases operation for any reason, the Charter School and its Governing Board will be responsible for concluding the business and affairs of the Charter School and will cooperate with the SCSC to the extent necessary to provide an orderly return of the students to their local school. Any public surplus remaining at the time the Charter School ceases operation shall be remitted to the SCSC, within ninety (90) days of ceasing operations. The SCSC Executive Director, in his or her sole and reasonable discretion, shall determine when Charter School operations have ceased for purposes of this subsection. All funding will be considered public funding provided under this contract unless the school can provide definitive accounting that such funds were provided by a third party. Any furniture and equipment purchased with public funds shall be delivered to the SCSC within thirty (30) days of ceasing operations. The SCSC shall not be responsible for the Charter School’s unpaid debts in the event the Charter School does not have sufficient funds to pay all of its debts at the time it ceases operation. Nothing in this Section shall preclude the Petitioner from acquiring tail insurance to comply with the obligations of this Section.
Distribution of Funds and Assets. In the event the Charter School ceases operation for any reason, the Charter School and its Governing Board will be responsible for concluding the business and affairs of the Charter School and will cooperate with the SCSC to the extent necessary to provide an orderly return of the students to their local school. Any public surplus remaining at the time the Charter School ceases operation shall be remitted to the SCSC, within thirty (30) days of ceasing operations. Any furniture and equipment purchased with public funds shall be delivered to the SCSC within thirty (30) days of ceasing operations in the manner specified by the SCSC. The SCSC shall not be responsible for the Charter School’s unpaid debts in the event the Charter School does not have sufficient funds to pay all of its debts at the time it ceases operation. The date by which public surplus funds, furniture and equipment shall be remitted to the SCSC under this Section may be extended for a reasonable period of time as determined by the SCSC; provided that, within thirty (30) days of the Charter School ceasing operations, the Governing Board makes a written request for an extension of time that describes the basis for the request. Nothing in this Section shall preclude the Petitioner from acquiring tail insurance to comply with the obligations of this Section.
Distribution of Funds and Assets. In the event the Charter School ceases operation for any reason, the Charter School and its Governing Board will be responsible for concluding the business and affairs of the Charter School and will cooperate with the SCSC to the extent necessary to provide an orderly return of the students to their local school. Cease Operations shall occur upon (1) the expiration of the Charter term; (2) the transfer/withdrawal of all students enrolled within the School in the current academic calendar; and/or (3) the vote of the SCSC to revoke, terminate and/or accept the Charter School’s surrender of the Charter contract. Any public surplus remaining at the time the Charter School ceases operation shall be remitted to the SCSC, within sixty (60) days of ceasing operations. Any furniture and equipment purchased with public funds shall be delivered to the SCSC within thirty (30) days of ceasing operations. The SCSC shall not be responsible for the Charter School’s unpaid debts in the event the Charter School does not have sufficient funds to pay all of its debts at the time it ceases operation.
Distribution of Funds and Assets. In the event the Charter School ceases operation for any reason, the Charter School and its Governing Board will be responsible for concluding the business and affairs of the Charter School and will cooperate with the Commission to the extent necessary to provide an orderly return of the students to their local school. Any public surplus remaining at the time the Charter School ceases operation shall be remitted to the Commission, within 30 days of ceasing operations. Any furniture and equipment purchased with public funds shall be delivered to the Commission within 30 days of ceasing operations. The Commission shall not be responsible for the Charter School’s unpaid debts in the event the Charter School does not have sufficient funds to pay all of its debts at the time it ceases operation.
Distribution of Funds and Assets. In the event the Charter School ceases operation for any reason, the Charter School and its Governing Board will be responsible for concluding the business and affairs of the Charter School and will cooperate with the SCSC to the extent necessary to provide an orderly return of the students to their local school. Any public surplus remaining at the time the Charter School ceases operation shall be remitted to the SCSC, within 30 days of ceasing operations. All funding will be considered public funding provided under this contract unless the school can provide definitive accounting that such funds were provided by a third party. Any furniture and equipment purchased with public funds shall be delivered to the SCSC within 30 days of ceasing operations. The SCSC shall not be responsible for the Charter School’s unpaid debts in the event the Charter School does not have sufficient funds to pay all of its debts at the time it ceases operation.
