Apportionment of Capital Costs After Withdrawal Clause Samples

Apportionment of Capital Costs After Withdrawal. The withdrawing town's annual share of any future installment of principal and interest on obligations outstanding on the effective date of its withdrawal shall be not less than the average of such town's annual capital cost apportionment percentages for the three years next preceding the year in which its withdrawal becomes effective, or, in case such withdrawal becomes effective, the with- drawing town's annual share of such future installments of principal and interest shall be not less than the average of such town's annual capital cost apportionment percentage for such of the year or years preceding the year in which its withdrawal becomes effective for which an apportionment of capital costs shall have been made. The remainder of any such installment after subtracting the share of any town or towns which have withdrawn shall be apportioned to the remaining member town or towns in the manner provided in sub-section IV(D) or as may be otherwise provided in the amendment providing for such withdrawal.

Apportionment of Capital Costs After Withdrawal. Upon the effective date of resumption by the member towns of jurisdiction over the pupils in grades pre-kindergarten through eight, each member town shall assume and be responsible for the payment of all principal and interest on obligations issued by the District for capital costs of schools for grades pre- kindergarten through eight located in that town.

Apportionment of Capital Costs After Withdrawal. If one town successfully and fully withdraws from the District, the District will be dissolved. Both member town’s annual share of any future installment of principal and interest on obligations outstanding on the effective date of its withdrawal shall be fixed at the percentage prevailing for such town at the last annual apportionment made next prior to the effective date of the withdrawal. Both member towns will also be entitled to any assets that need to be divided between the towns. The effective date of the termination of the District may only occur at the earliest on the second June 30 after both towns have voted to dissolve the District and this has been accepted by the Commissioner. The remainder of any such installment after subtracting the shares of any town or towns which have withdrawn shall be apportioned to the remaining member towns in the manner provided in subsection IV-D or as may be otherwise provided in the amendment providing for such withdrawal.

Apportionment of Capital Costs After Withdrawal municipality’s annual share of any future installment of principal and interest 21 on obligations outstanding on the effective date of its withdrawal shall be fixed 22 at the percentage prevailing for such municipality at the last annual 23 apportionment made next prior to the effective date of the withdrawal. 24 Member municipalities will also be entitled to any assets that need to be divided 25 among the municipalities. The remainder of any such installment after 26 subtracting the shares of any municipality which has withdrawn shall be 27 apportioned to the remaining member municipalities in the manner provided in 28 subsection IV-D.