Common use of Escrow Account for Dissolution Clause in Contracts

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 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 '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 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 Clo- sure 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 Dol- lars ($10,000$ ) 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.