Debt Share Based on Usage Sample Clauses

Debt Share Based on Usage. One hundred percent (100%) of the Net Annual Debt Service shall be allocated and paid by all Member Districts based upon each Member District’s average monthly student enrollment in the ABLE and PACE programs (the “Project Programs”) in the most recently completed school year relative to the total average monthly student enrollment in the Project Programs in the most recently completed school year, up to $4,000 per student. This figure ($4,000 per student) shall be increased annually by two percent (2%) during the life of the 2020 Project Debt, and shall be referred to as the “Facility Usage Cap.” The amount of such debt service which exceeds the Facility Usage Cap shall be allocated and paid by all Member Districts in accordance with Article VI, Section 1 of these Articles of Agreement. As used in this subsection, Project Programs shall also include the FEP program in any year in which grant funding for such program is unavailable or insufficient to cover FEP program costs. The Board shall use its best efforts to enforce and collect the payment obligations of Member Districts set forth in this Section 3. If, on April 1 or October 1 of each year, any such payment obligation of a Member District remains outstanding and uncollected after 45 days, then the other Member Districts shall be liable for such payment obligation as described in this subparagraph. First, ECHO shall bill each other Member District a pro-rated amount of the defaulting Member District’s payment obligation based on the relative payment obligations set forth above. If, notwithstanding the additional billing described in the preceding sentence, the amount of the defaulting Member District’s payment obligation remains outstanding and uncollected as of the next succeeding May 1 or November 1, then the other Member Districts shall be jointly and severally liable for the defaulting Member District’s payment obligation. The defaulting Member District shall remain liable to ECHO and the other Member Districts for the amount of any and all payments made by other Member Districts on behalf of the defaulting Member District pursuant to this subparagraph, plus interest at the maximum rate authorized by law. Upon receipt of any payment from the defaulting Member District after the receipt of payments by other Member Districts on behalf of the defaulting Member District pursuant to this subparagraph, ECHO shall distribute such payment to the other Member Districts, on a pro-rata basis, based on the am...
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