HomeMy WebLinkAbout017-90RESOLUTION NO. 17-90
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF DANVILLE
AUTHORIZING TOWN MANAGER TO ENTER INTO LOAN AGREEMENT
WITH THE BANK OF THE SAN RAMON VALLEY
FOR THE PURPOSE OF FUNDING CHILD CARE FACILITIES
WHEREAS, Danville Ordinance No. 89-2 establishes a mechanism whereby the
Town of Danville can encourage and support the establishment and
maintenance of high quality child care services in Danville; and
WHEREAS, pursuant to such Ordinance on October 2, 1989, the Town Council
authorized a Financial Assistance Agreement with the San Ramon Valley
School Age Child Care Alliance, for the purpose of allowing the Alliance
to install and maintain child care facilities at Montair and Green Valley
Schools; and
WHEREAS, such Agreement contemplated that the Town would obtain a loan
of $250,000 from the Bank of the San Ramon Valley, and that the Town and
the Alliance would enter into a separate loan transaction whereby the
Alliance would retire the principal amount of the Town's loan from the
Bank, and the Town would be responsible for certain interest payments on
such loan, as is more fully set forth in such October 2, 1989, approval;
and
WHEREAS, such loan agreements have been negotiated and prepared, and the
Town desires to effectuate such earlier approval;
NOW, THEREFORE, BE IT RESOLVED, by the Town Council of the Town of
Danville, that the Town Manager be, and hereby is authorized to execute,
on behalf of the Town, a loan agreement in the amount of $250,000 with
the Bank of the San Ramon Valley, in the form as lodged with the City
Attorney, together with such changes as may hereafter become necessary,
provided such changes do not materiallyincrease the obligations of the
Town thereunder.
PASSED, APPROVED AND ADOPTED by the Town Council of Danville at a regular
meeting on the 16th day of January, 1990, by the following vote:
AYES:
GREENBERG, RITCHEY, SCHLENDORF, SHIMANSKY
NOES: NONE
ABSENT: LANE
Mayo
ATTEST: /~
C~ty C~rk
APPROVED AS TO FORM:
City