Common use of Distribution of Funds and Assets Clause in Contracts

Distribution of Funds and Assets. In the event the Charter School ceases operation for any reason, the Charter School and its Governing Board will be responsible for concluding the business and affairs of the Charter School and will cooperate with the SCSC to the extent necessary to provide an orderly return of the students to their local school. Any public surplus remaining at the time the Charter School ceases operation shall be remitted to the SCSC, within 30 days of ceasing operations. Any furniture and equipment purchased with public funds shall be delivered to the SCSC within 30 days of ceasing operations. The SCSC shall not be responsible for the Charter School’s unpaid debts in the event the Charter School does not have sufficient funds to pay all of its debts at the time it ceases operation.

Distribution of Funds and Assets. In the event the Charter School ceases operation for any reason, the Charter School and its Governing Board will be responsible for concluding the business and affairs of the Charter School and will cooperate with the SCSC to the extent necessary to provide an orderly return of the students to their local school. Any public surplus remaining at the time the Charter School ceases operation shall be remitted to the SCSC, within 30 thirty (30) days of ceasing operations. Any furniture and equipment purchased with public funds shall be delivered to the SCSC within 30 thirty (30) days of ceasing operationsoperations in the manner specified by the SCSC. The SCSC shall not be responsible for the Charter School’s unpaid debts in the event the Charter School does not have sufficient funds to pay all of its debts at the time it ceases operation.