Memorandum Of Understanding Between A California Charter School And A California Public School District And The State Of California, State Allocation Board And California School Finance Authority Page 4
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17MOU, the Funding Agreement, if applicable, and the Use Agreement shall
require the School District to incur any costs or liabilities, or increase the School
District’s duties, obligations or exposure to liability, unless agreed to in writing by
the School District.
ARTICLE II – FINANCING OF THE CHARTER SCHOOL’S PROJECT
2.1
Fifty Percent Local Matching Share
The Charter School’s Application for [final or preliminary] apportionment for the
A.
Project has been approved by the State. The Charter School’s Apportionment
(“Apportionment”) is contingent upon the Charter School paying its 50% Local
Matching Share obligation, which will be paid to the State by way of payments
pursuant to the Funding Agreement.
The Charter School’s Application for [final or preliminary] apportionment for the
B.
Project
has
been
approved
by
the
State
in
the
amount
of
_________________________________ Dollars ($___________.00). The State
will provide funding for fifty percent (50%) of the approved costs for the Project in
the amount of _________________ Dollars ($__________.00), and the Charter
School will be responsible for the remaining balance of the approved costs for
the Local Matching Share for the Project in the amount of _________________
Dollars ($__________.00).
C.
The Charter School will receive initial funding from the State for the Local
Matching Share, less any lump sum payments made by, or on behalf of, the
Charter School.
2.2
Conditions for Release of Funding
A.
The following conditions must be satisfied before the State will release funding:
(1)
The Charter School shall comply with all funding release conditions
contained in the Funding Agreement to the satisfaction of the
State.osing
documents and form of title must be approved by the State.
(2)
If the funding shall be used to acquire real property, the Charter School, at
its sole cost and expense, shall structure the closing of escrow for the acquisition
of the real property for a back-to-back conveyance of title from the seller to the
Charter School and simultaneously in the same closing of escrow, from the
Charter School to the School District. The Charter School, at its sole cost and
expense, shall cause to prepare a conveyance instrument, acceptable to the
School District and the State, which shall convey title to the real property from the
Charter School to the School District as trustee on behalf of the public school
system.
CSFP MOU – Final as of 10/16/2007
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