Common use of Capital Needs Clause in Contracts

Capital Needs. Beginning July 1, 1999 and each July 1 thereafter the State shall pay to the City Board the following sums for construction and site acquisition costs to accommodate any reasonably anticipated net enrollment increase caused by any reduction or elimination of the voluntary transfer plan: July 1, 1999 $28.5 million July 1,2005 $13 million July 1, 2000 $25 million July 1, 2006 $12 million July 1, 2001 $20 million July 1, 2007 $11 million July 1, 2002 $20 million July 1, 2008 $10 million July 1, 2003 $16.5 million July 1, 2009 $9 million July 1, 2004 $15 million These payments shall be made by the State each July 1 into a separate account established by the City Board. All interest will accrue to the benefit of the City Board. These payments shall not be considered desegregation payments. Newly constructed schools will be built in conformity with area standards for school construction. If unused and unobligated funds remain four years after the last student terminates participation in the interdistrict transfer program, the parties shall discuss the use of these funds, including but not limited to reversion of those funds to the State.