Section 1869.2 - Loan for Renovation(a) A recipient of a loan for renovation shall agree to use the renovated facility for the purpose of child care and development during the specified loan period or longer.(b) The maximum loan shall not exceed $50,000.00 per eligible facility.(c) The loan period shall be 3 years for loans from $1.00 to $30,000.00, 4 years for loans from $30,001.00 to $40,000.00 and 5 years for loans from $40,001.00 to $50,000.00.(d) Loan payments shall be $1.00 per year for the life of the loan.(e) If a loan recipient ceases to use the facility for the purposes of child care and development prior to the specified loan period, the Board shall exercise its option to collect the outstanding balance of the loan, plus interest, by demanding payment from the bond required in Section 1869.3.Cal. Code Regs. Tit. 2, § 1869.2
1. New section filed 3-3-87; effective thirtieth day thereafter (Register 87, No. 10). Note: Authority cited: Sections 15463, 15490, 15502 and 15503, Government Code. Reference: Sections 8493- 8498, 16009, 16313, 17005 and 17788, Education Code.
1. New section filed 3-3-87; effective thirtieth day thereafter (Register 87, No. 10).