JAIL BED EXPANSION SURCHARGE Sample Clauses

JAIL BED EXPANSION SURCHARGE. The City shall pay a monthly Jail Bed Expansion Surcharge from and after the date the Jail Bed Expansion Project becomes operational or the month the County begins repayment of long-term debt associated with borrowing to fund the Jail Bed Expansion Project (thus excluding any short-term debt issued in anticipation of paying off such short term debt with long-term debt financing), whichever is first. The Jail Bed Expansion Surcharge is intended to be fixed over time and shall be calculated in accordance with this Section and as shown in the hypothetical calculation in Attachment III-1. The Jail Bed Expansion Surcharge will equal one-twelfth (1/12) of the Annual Debt Service Proxy Amount multiplied by the City’s Percentage of Bed Use, where: Annual Debt Service Proxy Amount is the equalized annual cost of both principal and interest necessary to repay the Total Jail Expansion Capital Cost (not to exceed the Capital Cost Cap defined below) over the borrowing term (number of years) for the County’s long-term debt associated with the Jail Bed Expansion Project, provided that if the County issues such long-term debt with a shorter repayment term than twenty (20) years, the Annual Debt Service Proxy Amount shall be calculated based on a 20-year repayment term by dividing the cumulative principal and interest payable by the County under its debt financing by a 20-year repayment term; and City’s Percentage of Bed Use is determined by dividing the City’s Average Daily Population of City Inmates in Secure Detention in Jail for the three (3) calendar years prior to the opening of the Jail Bed Expansion Project by the Average Daily Population of County Inmates in Secure Detention in County facilities for such period. The County shall prepare a Schedule of Jail Bed Expansion Surcharge Payments based on this formula and shall provide Notification of it to the City not less than forty-five (45) days in advance of the first Jail Bed Expansion Surcharge being due. The Schedule shall present the full repayment schedule (covering 20 years or, if longer, the actual debt repayment term) of the Total Jail Expansion Capital Cost, notwithstanding that the Agreement may terminate prior to the end of scheduled payments. The Total Jail Expansion Capital Cost used to calculate the Jail Bed Expansion Surcharge shall not exceed the Capital Cost Cap. The Capital Cost Cap is $66 million in 2011 dollars adjusted to the year that construction begins on the Jail Bed Expansion Project, using ...
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Related to JAIL BED EXPANSION SURCHARGE

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