District Board as Fiscal Agent for the Academy Sample Clauses

District Board as Fiscal Agent for the Academy. The District Board is the fiscal agent for the Academy. As fiscal agent, the District Board assumes no responsibility for the financial condition of the Academy. The District Board is not liable for any debt or liability incurred by or on behalf of the Academy Board, or for any expenditure approved by or on behalf of the Academy Board. Except as provided in the Oversight, Compliance and Reporting Agreement and Article X of these Terms and Conditions, the District Board shall promptly, within ten (10) business days of receipt, forward to the Academy all state school aid funds or other public or private funds received by the University Board for the benefit of the Academy. The responsibilities of the District Board, the State of Michigan, and the Academy are set forth in the Fiscal Agent Agreement incorporated herein as Schedule 3.
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