Distribution of SPLOST Proceeds Sample Clauses

Distribution of SPLOST Proceeds. All SPLOST collections up to $370,000,000 shall be distributed to the County and the Municipalities on a monthly basis based upon each entity’s pro-rata percentage of the project totals based on Distribution Table below after bond obligations outlined in O.C.G.A. § 48-8-121(e) are satisfied; provided, however, that the amount distributed to the County Debt Service Account 2013 shall be deemed to be a portion of the percentage assigned to the County and that the distribution percentages for the Unencumbered Distributions shall be adjusted so as to cause the total distribution of all SPLOST proceeds (being the sum of distributions to the County Debt Service Account and Unencumbered Distributions) for the Bond Year shall be as provided by the Distribution Table below. Should the total tax collection exceed $370,000,000 during the six year collection cycle, then SEDA would receive an additional amount not to exceed $15,000,000 from the collected funds over the $370,000,000. Such distribution of the tax at that time shall be solely collected by the County and given to Savannah Economic Development Authority (SEDA) pursuant to an intergovernmental contract or contracts until SEDA has received an amount not to exceed a total of $30,000,000. Should SPLOST proceeds exceed $385,000,000, the remaining SPLOST proceeds will be allocated to the City for an arena. Should SPLOST proceeds exceed $400,000,000, the remaining SPLOST proceeds will be allocated between the County and the Municipalities on a pro rata population basis. The County’s share of the SPLOST proceeds in excess of $400,000,000 shall be based upon the ratio of the unincorporated population of the County relative to the total County population. Each Municipality’s share of the SPLOST proceeds in excess of $400,000,000 shall be based upon the ratio of that Municipality’s population relative to the total County population. The source for the population figures shall be the final 2010 Decennial Census figures compiled by the U.S. Census Bureau. Said excess proceeds shall be used to fund allowable projects under the terms of this agreement or as otherwise provided for in law.
Sample 1
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Distribution of SPLOST Proceeds. All SPLOST collections up to $400,000,000 shall be distributed to the County, City and the Municipalities on a monthly basis based upon each entity's pro-rata percentage of the project totals based on Distribution Table below. Should the total tax collection exceed $400,000,000 during the six year collection cycle, then County would receive an additional $20,000,000 from the collected funds over the $400,000,000 for the judicial complex. Should the total tax collection exceed $420,000,000, such distribution of the tax at that time shall be collected by the County and distributed to the City of Savannah for recreation, historic building renovations and technology projects. Should the total tax collection exceed $430,000,000, such distribution of the tax at that time shall be collected by the County and distributed to Savannah Economic Development Authority (SEDA) pursuant to an intergovernmental contract or contracts until SEDA has received an amount not to exceed a total of $10,000,000. Should SPLOST proceeds exceed $440,000,000, the remaining SPLOST proceeds will be collected by County and allocated between the County, City and the Municipalities on a pro rata population basis. The County's share of the SPLOST proceeds in excess of $440,000,000 shall be based upon the ratio of the unincorporated population of the County relative to the total County population. City and each Municipality's share of the SPLOST proceeds in excess of $440,000,000 shall be based upon the ratio of their respective population relative to the total County population. The source for the population figures shall be the final 2020 Decennial Census figures compiled by the U.S. Census Bureau. Said excess proceeds shall be used to fund allowable projects under the terms of this agreement or as otherwise provided for in law.
Sample 1
Distribution of SPLOST Proceeds. All proceeds of SPLOST 2016 shall be disbursed in accordance with O.C.G.A. § 48-8-115, which provides that one percent of the amount collected shall be paid into the general fund of the state treasury in order to defray the costs of administration, and the remainder of the proceeds of the tax shall be distributed to the governing authority of Xxxxx County. All such remaining SPLOST proceeds up to the estimated $71,595,000 received by Xxxxx County from the state revenue commissioner shall be distributed to Xxxxx County and the City of Brunswick on a monthly basis based upon each entity’s pro-rata percentage of the project totals according to the Distribution Table below. The City of Brunswick shall receive 22.34% of the SPLOST 2016 proceeds distributed by the state revenue commissioner to Xxxxx County each month until such time as the total of all distributions to the City of Brunswick total $15,995,000, or until such time as the last SPLOST 2016 proceeds are disbursed to the County by the state revenue commissioner, whichever comes first. The parties acknowledge that Special Local Option Sales Tax funds are not guaranteed and that the actual SPLOST 2016 proceeds received from the state revenue commissioner may be less than estimated, in which case both County and City shall receive a proportionally lower amount than projected. In the event that the total SPLOST 2016 proceeds distributed to Xxxxx County from the state revenue commissioner exceed the estimated amount of $71,595,000 during the fourteen (14) calendar quarter collection cycle, then 100% of any such amount over $71,595,000 shall be allocated and distributed to Xxxxx County to be used by the County as permitted and provided for by law. *DISTRIBUTION SCHEDULE FOR $71,595,000 IN SPLOST PROCEEDS Entity Capital Outlay Projects Projected SPLOST Allocation Pro Rata Share (%) Xxxxx County Xxxxx County Capital Outlay Projects set forth in this Exhibit “A” $55,600,000 77.66% City of Brunswick City of Brunswick Capital Outlay Projects set forth in this Exhibit “A” $15,995,000 22.34% Total: $71,595,000 100% *The distribution schedule and pro rata share distribution percentage (%) governs distributions up to $71,595,000. EXHIBIT “A” The capital outlay projects of Xxxxx County and the City of Brunswick to be funded from the proceeds of the Special Purpose Local Option Sales Tax pursuant to this Agreement and the estimated dollar amounts allocated for each project are as follows: XXXXX COUNTY PROJECTS ESTIMATE...
Sample 1

Related to Distribution of SPLOST Proceeds

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  • Distribution of Assets In case the Company shall declare or make any distribution of its assets (including cash) to holders of Common Stock as a partial liquidating dividend, by way of return of capital or otherwise, then, after the date of record for determining shareholders entitled to such distribution, but prior to the date of distribution, the holder of this Warrant shall be entitled upon exercise of this Warrant for the purchase of any or all of the shares of Common Stock subject hereto, to receive the amount of such assets which would have been payable to the holder had such holder been the holder of such shares of Common Stock on the record date for the determination of shareholders entitled to such distribution.

  • Distribution of Contract Within thirty (30) days after the execution of this contract, the District shall print or duplicate and provide without charge a copy of this contract to every employee of the bargaining unit. The District shall provide any employee who becomes a member of the bargaining unit after the execution of this Agreement with a copy of this Agreement without charge at the time of employment. The District shall provide each employee in the bargaining unit without charge with a copy of any written changes agreed to by the parties to this Agreement during the life of this Agreement.

  • Allocation of Profits and Losses Distributions Profits/Losses. For financial accounting and tax purposes, the Company's net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member's relative capital interest in the Company as set forth in Schedule 2 as amended from time to time in accordance with U.S. Department of the Treasury Regulation 1.704-1.

  • Distribution Upgrades The Connecting Transmission Owner shall design, procure, construct, install, and own the Distribution Upgrades described in Attachment 6 of this Agreement. If the Connecting Transmission Owner and the Interconnection Customer agree, the Interconnection Customer may construct Distribution Upgrades. The actual cost of the Distribution Upgrades, including overheads, shall be directly assigned to the Interconnection Customer. The Interconnection Customer shall be responsible for its share of all reasonable expenses, including overheads, associated with owning, operating, maintaining, repairing, and replacing the Distribution Upgrades, as set forth in Attachment 6 to this Agreement.

  • Distribution of Funds Deliver (i) to Seller, or order, the cash portion of the Purchase Price, adjusted for prorations, charges and other credits and debits provided for herein; and (ii) to Buyer, or order, any excess funds delivered to Escrow Agent by Buyer. Such funds shall be delivered by wire transfer or cashier’s check in accordance with instructions for Seller and Buyer; if no instructions are given, Escrow Agent shall deliver such funds by Escrow Agent’s check via overnight courier (or as otherwise requested by the intended recipient) to the appropriate party at the address set forth for notice in this Agreement.

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