147-18 Agreement - Shared Services - Turf.pdf

2 WHEREAS, the Township has approved the execution of this Agreement by resolution on _______________, 2018 and the School District has approved the execution of this Agreement by resolution adopted on _______________, 2018; NOW, THEREFORE, the parties hereto mutually agree as follows: Section 1. The Township and the School District will act together in accordance with this Agreement to implement the Project for a total estimated cost in an amount not to exceed $800,000 to be initially funded through the issuance of bonds or notes of the Township to finance the cost of the Project. Section 2. Any donations received by the Parties for the purpose of i m p l e m e n t i n g t h e P r o j e c t will be applied toward the cost of the Project. Section 3. The Township will utilize the funds pursuant to the bond ordinance for the implementation of the Project, and the Township shall be responsible for the implementation of the Project in accordance with the requirements of all State and Federal laws. Section 4. The Township shall borrow funds pursuant to the bond ordinance on bond anticipation notes only in the amount necessary to complete the Project. Section 5. Upon completion of the Project, the Township will issue permanent bonds to finance the Project. Section 6. The School District shall be responsible for repaying fifty (50%) percent of the net cost of the Project. Section 7. After the issuance of each set of notes, the Township shall notify the School District of the amount of the notes that were issued for this purpose, the interest rate per annum payable on the notes and the School District's share of the interest on the notes. If any principal amount is required to be paid on the notes, the Township shall also inform the School District of the amount of the principal to be paid on the notes and the School District's share of the amount to be paid. When permanent bonds are issued, the bonds shall mature up to fifteen (15) years and the Township shall provide a copy of the maturity schedule setting forth principal, interest and the interest rate at which the interest is calculated to the School District, and the School District shall be responsible for its share of the principal and interest due in each year. Section 8. The amounts that the School District owes to the Township shall be paid annually on or before the maturity date or payment date of such

share of the principal and interest due in each year. Section 8. The amounts that the School District owes to the Township shall be paid annually on or before the maturity date or payment date of such obligations. The School District may prepay the bond at any time without penalty. Section 9. Once the Project is completed, the West Orange High School Stadium Field and Track shall be available for use by the School District and the Township in accordance with this Agreement. The School District shall have scheduling preference for the use of the High School baseball fields for school purposes, and the