Common use of Distribution of Funds Schedule Clause in Contracts

Distribution of Funds Schedule. i. The Sponsor shall calculate and submit twelve (12) monthly or twenty-four bi-monthly payments to the account specified by the School. Each payment will be one-twelfth (1/12) or one twenty-fourth (1/24) of the funds described in Section 4.A.1., above, less the administrative fee set forth in Section 4.A.3, above. The first payment will be made by July 15 of the School’s first year of operation. Subsequent payments will be made no later than the 15th of each month beginning with August 15. Pursuant to s. 1002.33(17)(e), F.S., the Sponsor may not delay payment to the School of any portion of the funds provided in Section 4.A.1. based on the timing of receipt of local funds by the Sponsor. ii. For each year of the Charter, monthly payments will be calculated as follows: a. July through October payment shall be based on the School’s Final Projected Enrollment as determined under the provisions of Section