Mill Levy Funds Clause Samples
The Mill Levy Funds clause defines how funds collected through a mill levy—a property tax rate applied to assessed property value—are to be managed and used within the context of the agreement. Typically, this clause outlines the specific purposes for which the mill levy funds can be allocated, such as infrastructure improvements, maintenance, or repayment of bonds, and may detail the process for collecting, holding, and disbursing these funds. Its core practical function is to ensure transparency and accountability in the use of tax revenues, providing clear guidelines for both the collection and expenditure of mill levy proceeds to prevent misuse and align spending with agreed-upon objectives.
Mill Levy Funds. The District shall pay to the School its proportionate share of all Mill Levy Override Funds, and any future mill levy funds approved by voters, for which it is eligible in accordance with the District’s plan as required by C.R.S. § 22-32-108.5. The School agrees to use such funds in accordance with Board approved guidelines and ballot measure language approved by voters.
Mill Levy Funds. The District shall pay to the Network its proportionate share of all Mill Levy Override Funds, and any future mill levy funds approved by voters, for which it is eligible in accordance with the District’s plan as required by C.R.S. 22-32-108.5. The Network agrees to use such funds in accordance with Board approved guidelines and ballot measure language approved by voters.
Mill Levy Funds. 1. The District will use a portion of the Mill Levy Override proceeds or other equivalent monies from funds, revenues, or sources determined by the District, to address the operating revenue needs of Animas for the duration of the mill levy (the “Charter 2016 Mill Funds”).
2. The Charter 2016 Mill Funds shall be based upon the total number of students at Animas based on the official count certified by CDE in proportion to the total number of students enrolled in all schools within the District’s catchment area. Such calculation shall be updated annually for the duration of the Mill Levy Override, following written verification of the official count Animas and the District.
3. Animas shall receive its respective 2016 Mill Funds annually no later than August 1, 2017 and each August 1 thereafter.
4. Animas agrees to certify that respective use of the Charter 2016 Mill Funds is in accordance with agreed upon ballot language. On or before June 30 of each year that the Mill Levy Override is in effect, Animas shall submit a written certificate of said use, in a form and content acceptable to the District and signed by the respective resident and attested by the respective secretary and treasurer. Additionally, Animas shall make available to the District, upon request, its annual budget and shall identify the expenditures listed therein which comport with the purposes and uses set forth in the Mill Levy Override ballot question.
5. Animas shall pay proportional share of the costs of the election for the 2016 Mill Levy Ballot from the initial proceeds and reported no later than January 31, 2017. The proportionate share of election costs paid by Animas shall be calculated in the same manner as Animas’ respective entitlement to the Charter 2016 Mill Funds is determined pursuant to paragraph 2 above.
6. If the charter contract authorizing operation of Animas is revoked or not renewed, or if Animas becomes insolvent and can no longer operate as a charter public school, or if Animas otherwise ceases to operate, then in any of those events, ownership of any property items purchased using the Charter 2016 Mill Funds automatically revert to the District. In addition to the certificate and budget information provided pursuant to paragraph 4 above, Animas will provide an accounting of such purchases on or before December 31 of each year the Mill Levy Override is in effect. Such accounting shall contain a detailed description of the item purchased, including, as applicable, a...