Escrow Account for Dissolution. The Charter School agrees to establish an escrow account of no less than thirty thousand dollars ($30,000) to pay for legal, wind down of operations and audit expenses that would be associated with a dissolution should it occur. The Charter School may provide for the full amount in its first-year budget, or provide for a minimum of ten thousand dollars ($10,000) per year for the first three of its charter term. The Charter School’s failure to provide for a minimum of ten thousand dollars ($10,000) by December 31st in each of the first three years of its charter term, beginning with the first year of instruction, shall be deemed a material violation of this Charter Agreement.
Escrow Account for Dissolution. The Organizer shall establish an escrow account of no less than Thirty Thousand Dollars ($30,000) to pay for legal, wind-down of operations and audit expenses that would be associated with a dissolution should it occur as outlined in the Charter School Closure Plan. The Charter School may provide for the full amount in its first-year budget, or provide for a minimum of Ten Thousand Dollars ($10,000) per year for the first three (3) years of its charter term. The Charter School’s failure to provide for a minimum of Ten Thousand Dollars ($10,000) by June 30 (date) in each of the first three (3) years of its charter term, beginning with the first year of instruction, shall be deemed a material violation of the Charter Agreement.
Escrow Account for Dissolution. The Charter School agrees to establish an escrow account of no less than $75,000 to pay for legal and audit expenses that would be associated with a dissolution should it occur. The School may provide for the full amount in its first-year budget, or provide for a minimum of $25,000 per year for the first three years of its charter term. The School’s failure to provide for a minimum of $25,000 by December 31st in each of the first three years of its charter term shall be deemed a material violation of the charter.
Escrow Account for Dissolution. The Organizer shall establish an escrow account of no less than ________________________ Dollars ($_________) to pay for legal, wind-down of operations and audit expenses that would be associated with a dissolution should it occur as outlined in the Charter School Closure Plan. The Charter School may provide for the full amount in its first-year budget, or provide for a minimum of ________________________ Dollars ($_________) per year for the first three (3) years of its charter term. The Charter School’s failure to provide for a minimum of ________________________ Dollars ($_________) by _________________ (date) in each of the first three (3) years of its charter term, beginning with the first year of instruction, shall be deemed a material violation of the Charter Agreement.
Escrow Account for Dissolution. The Charter School agrees to maintain an escrow account of no less than $75,000 to pay for legal and audit expenses that would be associated with a dissolution should it occur.
