EMPLOYEE MICROCOMPUTER PURCHASE PROGRAM

The Employee Microcomputer Purchase Program will be administered by the Vice President, Business Services. To participate in this program, the following qualifications and procedures must be met:

QUALIFICATIONS:
Participants must be permanent employees of the District.

Participants are only entitled to one outstanding loan at a time and may not amend an existing loan by adding additional equipment to the schedule.

PROCEDURES:
The District will allocate $50,000 as initial seed money for the program.

The loan is interest free and the term cannot exceed 24 months.

The total loan amount shall be a minimum of $1,000 and shall not exceed $3,500.

Participants must pay a down payment of 10% of the total estimated purchase price.

A one-time handling fee of $30 will be assessed for all approved applications.

Funds will be awarded on a "first-come first-serve" basis.

At the time of purchase participants are required to sign a promissory note.

The District will provide the participant a straight-line amortization schedule for the duration of the loan.

The borrower will authorize the District to automatically deduct the periodic payments from his/her monthly pay. The total amount borrowed will be divided by the number of checks the employee is scheduled to receive in a 24 month period.

Approved: November 6, 1995