HomeMy WebLinkAbout009-96RESOLUTION NO. 9-96
APPROVING THE FINAL PAYMENT OF THE CHILD CARE LINE-OF-CREDIT FROM
THE BANK OF SAN RAMON VALLEY
WHEREAS, in February 1991, the Town of Danville obtained a five-year, $ 350,000 line-of-
credit from the Bank of San Ramon Valley to fund the construction of the Sycamore Valley
Day School child care facility; and
WHEREAS, principal payments have been made against this line-of-credit, reducing the
balance to approximately $255,200; and
WHEREAS, the line-of-credit is due on March 1, 1996; and
WHEREAS, child care fees have been collected by the Town since 1989, accumulating to an
amount which is sufficient to retire the line-of-credit, leaving a balance in the Child Care
Fund for other child care uses; now, therefore, be it
RESOLVED, that the Town Council approves the final payment of the child care line-of-
credit from the Bank of San Ramon Valley in the approximate amount of $255,200 from the
Child Care Fund.
APPROVED, by the Town Council of the Town of Danville at a Regular Meeting held on
February 6, 1996, by the following vote:
AYES: Greenberg,
NOES: None
ABSTMNED: None
ABSENT: None
Shimansky,
Arnerich, Doyle, Waldo
MAYOR
APPROVED AS TO FORM:
CITY ATTORNEY
ATTEST:
CITY CLERK