ProComp Funding Responsibilities. The ProComp Agreement gives the Trustees “the fiduciary responsibility to ensure the financial stability over time of the funds of the Trust and the enactment of the ballot language approved by the voters in the mill levy override election.” The ProComp Agreement also requires the Trustees to “ensure that funds of the Trust shall be spent only on the Professional Compensation System for Teachers and only in keeping with the” ProComp Agreement, the ballot language approved in the mill levy override election and the goals of the ProComp System. Also, the ProComp Agreement states that if the Trustees “at any time determine that” the Trust funds have not been spent on the ProComp System or according to the terms and conditions of the ProComp Agreement and the goals of the ProComp System or in accordance with the ballot language approved by voters, then the Trustees have “the duty to stop transmitting the funds of the Trust to the District.” In connection with these duties, except to the extent the following responsibilities are allocated or delegated in accordance with the procedures set forth in sections 7.2(b) and (c), the Trustees shall:
Appears in 4 contracts
Samples: Trust Agreement, Trust Agreement, Trust Agreement
