State Approved Debt Service on Strong Elementary School Sample Clauses

State Approved Debt Service on Strong Elementary School. In 1996, SAD 58 issued a bond which was approved for purposes of State debt service subsidy, in the principal amount of $2,993,123 for the construction of an addition to the Strong Elementary School. At the time this bond was issued, the Town of Eustis was a member municipality of SAD 58 and became legally obligated to pay its proportionate share of this debt. As of the Effective Date, SAD 58 will owe $598,624.60 in principal and $56,270.23 in interest on this obligation. As an alternate means of retiring the existing State approved indebtedness for the Strong Elementary School under 20-A M.R.S. § 1466(16), Eustis shall remain obligated for and shall pay its allocable share of the RSU’s existing State approved debt service for the Strong Elementary School, calculated on the basis that SAD 58 has remained intact, with Eustis as a member municipality of SAD 58, for purposes of paying that debt service. The New Xxxxxx XXX shall make such payment to SAD 58 at least thirty (30) days before the due date of each installment of principal and interest.
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