Oak Ridge High School Sample Clauses

Oak Ridge High School. Subsequent to the Effective Date of this Agreement, the first Thirty-Two Million, Seven Hundred and Sixty-One Thousand, Eight Hundred and Sixty-Three Dollars ($32,761,863) collected by CFD No. 1 and distributed to the El Dorado Union HSD shall be expended towards repayment of debt identified in Section 3.1 and no less than Thirty Million Dollars ($30,000,000) for the costs of (a) planning, design, construction, acquisition, or expansion of permanent classroom facilities which shall replace portable classroom facilities and any related costs required to be incurred to obtain DSA approval and final project completion at Oak Ridge High School; (b) acquisition of equipment related to facilities that have an estimated useful life of five (5) years or more at Oak Ridge High School; and (c) and other capital improvement costs necessary to acquire or construct other permanent- or temporary- capacity facilities at Oak Ridge High School, including portable classroom facilities, required to serve or mitigate the impacts of the students generated within CFD No. 1. It is the intent of the parties that absent a demonstrable cost savings that would warrant refinancing or calling the debt, that payment of the debt identified in Section 3.1.1 will be made in accordance with the debt schedule in effect on the Effective Date, with any remaining balance of the Special Taxes collected by the High School being set aside and/or expended on Oak Ridge projects as provided in this Section. In the event that proceeds from the sale of El Dorado Union HSD general obligation bonds are also available, the El Dorado Union HSD shall apply bond proceeds as contemplated by the bond language first to any project at Oak Ridge High School and thereafter may use an amount of additional Special Tax revenues necessary to complete improvements described in this Section 3.3.1.1; and
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