Common use of LOSS OR REDUCTION OF DISTRICT REVENUE Clause in Contracts

LOSS OR REDUCTION OF DISTRICT REVENUE. 23.1 The parties recognize the possibility that during the term of this Agreement, the District may suffer a major reduction, or loss of revenues as the result of the passage of a State initiative, or statutes, which in turn would have adverse financial impact on the District, and impair its ability to meet its obligations under the provisions of this Agreement. In such an event, and upon notice to the Association by the District as to which provisions of the agreement may be affected, such provisions shall be subject to immediate renegotiation.

LOSS OR REDUCTION OF DISTRICT REVENUE. 23.1 22.1 The parties recognize the possibility that during the term of this Agreement, the District may suffer a major reduction, or loss of revenues or revenue as the result of the passage of a State initiative, or statutes, which in turn would have adverse financial impact on the District, and impair its ability to meet its obligations obligation under the provisions of this Agreement. In such an event, and upon notice to the Association Associate by the District as to which provisions of the agreement may be affected, such provisions shall be subject to immediate renegotiation.