The Teacher Compensation Trust Fund Shall Be Governed by a Board of Directors Sample Clauses

The Teacher Compensation Trust Fund Shall Be Governed by a Board of Directors. The Board of Directors of the Teacher Compensation Trust Fund (hereafter referred to as the Trust Board) shall have 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 Trust Board also has the fiduciary responsibility to ensure that funds of the trust shall be spent only on the Professional Compensation System for Teachers and only in keeping with the terms and conditions of this Agreement, the ballot language approved by the voters in the mill levy override election, and the goals of the Professional Compensation System for Teachers. Should the Trust Board at any time determine that the funds have not been spent on the Professional Compensation System for Teachers, or according to the terms and conditions of this Agreement and the goals of the Professional Compensation System for Teachers, or in a manner in keeping with the ballot language approved by the voters in the mill levy override election, then the Board has the duty to stop transmitting the funds of the Trust to the District.
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