Five-Year Guaranteed Minimum Funding to Limestone County BOE and City of Athens BOE Sample Clauses

Five-Year Guaranteed Minimum Funding to Limestone County BOE and City of Athens BOE. For the fiscal year beginning October 1, 2017 (the “First Year”) and continuing through the fiscal year ending September 30, 2022 (the “Fifth Year”), the City of Madison BOE and Huntsville BOE shall, if the conditions herein are met, provide a guaranteed level of funding to the Limestone County BOE and the City of Athens BOE in order to address revenue losses resulting from the plan to apportion tax proceeds as stated herein. The “Total Ad Valorem Guaranteed Minimum Funding” provided by City of Madison BOE and Huntsville BOE under this paragraph shall be an amount that is equal to Four Million Two Hundred Fifty Thousand and 00/100 Dollars ($4,250,000.00), minus the sum of Ad Valorem Tax proceeds paid to the Limestone County BOE and the City of Athens BOE under the Ad Valorem Tax Apportionment Formula. (If the amount of Total Ad Valorem Guaranteed Minimum Funding is less than $1.00, then no Total Ad Valorem Guaranteed Minimum Funding shall be paid with respect to that fiscal year). City of Madison BOE and Huntsville BOE shall each be responsible for a pro rata share of the Total Ad Valorem Guaranteed Minimum Funding, based on a formula of “X” divided by 2 For example, the Ad Valorem tax proceeds collected during the fiscal year beginning October 1, 2017 will be based on the Property Tax Apportionment Formula as calculated for the first 20 scholastic days after Labor Day of September, 2016. Likewise, the Ad Valorem tax proceeds collected during the fiscal year beginning October 1, 2018 will be based on the Property Tax Apportionment Formula as calculated for the first 20 scholastic days after Labor Day of September, 2017. “Y,” where “X” is each such Board’s respective Student Count applicable to the same fiscal year for which such taxes were collected, and “Y” is the sum of each such Board’s respective Student Count applicable to said tax year. The Total Ad Valorem Guaranteed Minimum Funding paid by City of Madison BOE and Huntsville BOE in any tax year shall be distributed to the Limestone County BOE and the City of Athens BOE on a pro rata basis, based on a formula of “X” divided by “Y,” where “X” is each such Board’s respective Student Count applicable to the same fiscal year for which such taxes were collected, and “Y” is the sum of each such Board’s respective Student Count applicable to said tax year. The Total Ad Valorem Guaranteed Minimum Funding shall be paid upon the joint certification by the Limestone County BOE and the City of Athens BOE to the ...
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