Common use of State and Federal Shared Revenue Clause in Contracts

State and Federal Shared Revenue. Fremont will pay to the township from which the parcel was conditionally transferred as part of the Phase 1 Property a portion of the state and federal revenue sharing funds Fremont receives due to the conditional transfer of that portion of the Phase 1 Property determined by multiplying the number of household on that portion of the Phase 1 Property times 2.7 residents (a negotiated number the parties have determined to use to avoid exacting population counts) times the per capita rate for state or federal revenue sharing that is applicable to the township from which that Phase 1 Property originated. Such amount shall be paid to the Township within 30 days of Fremont’s receipt of such funds.

State and Federal Shared Revenue. Fremont will pay to the township from which the parcel was conditionally transferred as part of the Phase 1 Property a portion of the state and federal revenue sharing funds Fremont receives due to the conditional transfer of that portion of the Phase 1 Property property conditionally transferred pursuant to this Article III determined by multiplying the number of household on that portion of the Phase 1 Property property conditionally transferred pursuant to this Article III times 2.7 residents (a negotiated number the parties have determined to use to avoid exacting population counts) times the per capita rate for state or federal revenue sharing that is applicable to the township from which that Phase 1 Property originated. Such amount shall be paid to the Township within 30 days of Fremont’s receipt of such funds. This obligation shall remain in effect for 10 calendar years following the effective date of the conditional transfer of the affected Phase 2 parcel to Fremont’s jurisdiction.