Education Corporation Dissolution and Reserve Fund. (a) In the event of termination of the Charter, whether prematurely or otherwise, the Education Corporation shall establish and follow procedures consistent with those required by Education Law § 2851(2)(t) for the transfer of students and student records to the school district in which each school is located and for the disposition of the Education Corporation’s assets to another charter school located within the school district or the school district in which the Education Corporation is located. In addition, in case of such an event, voluntary surrender of the Charter or the closure of all of the schools of the Education Corporation without termination of the Charter, the Education Corporation will follow any additional procedures required by the Trustees or the Regents to ensure an orderly dissolution or transition process, (including the implementation of an education corporation or school closure plan as provided by and/or posted on the website of the Institute; appointment of pupil placement coordinators, a custodian of records, and any other necessary personnel; and providing the Institute with a parent contact list).
(b) The Education Corporation must create a dissolution reserve fund or account for purposes of school closure and/or dissolution of the Education Corporation in an amount to be determined as follows:
(i) seventy-five thousand dollars ($75,000) per school for each of the first two (2) schools operated by the Education Corporation to be funded, at a minimum, by reserving twenty-five thousand dollars ($25,000) per year during the first three (3) years of operation of each school;
(ii) twenty-five thousand dollars ($25,000) per school for each additional school operated by the Education Corporation to be reserved in the first year of operation of each school up to a maximum of three hundred and fifty thousand dollars ($350,000).
(c) In the event any of the conditions in sections 8.6 or 8.8 exist or any of the following events:
(i) grounds for termination or revocation of the Charter or of the authority of the Education Corporation to operate any of its schools exist as set forth in the Act or this Charter Agreement, or there is fiscal mismanagement, lack of organizational viability, or lack of educational soundness; or
(ii) when the Trustees make a finding that any school of the Education Corporation is far from meeting most of the goals in its Accountability Plan and not making substantial progress toward meeting those goals;
(iii) when...
