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LOAN PROGRAM <br />1. Program <br />The purpose of this loan program is to encourage restaurants to locate in Pleasanton. The <br />loan will be for the sole and express purpose to pay part of the cost of the restaurant's sewer <br />connection fees with respect to the Dublin San Ramon Services District. <br />2. Definitions <br />A. Restaurants. Restaurants, for purposes of this loan program, shall mean <br />restaurants and soda fountains, but not including drive-ins and take-out food establishments, as <br />those terms aze used in the City's Zoning Ordinance. <br />B. Sewer Connection Fees. Sewer connection fees are those fees defined in <br />§ 15.20.180 B of the Pleasanton Municipal Code, as those fees may be modified from time to <br />time. <br />3. Amount of Loan <br />The City shall loan to a restaurant an amount up to 80% of the sewer connection fees. <br />4. Term of Loan <br />The term of the loan shall be between 36 and 84 months. <br />5. Rate of Interest <br />The interest rate of each loan shall be 1.5% less than the Bank of America's reference rate <br />at the time the loan is made, said rate to be adjusted every April 1 and October 1. <br />6. Form of Promissory Note <br />The form of the promissory note is set forth in the attached Exhibit. The amount of the <br />loan and the term thereof shall be approved by the City Council. <br />7. Administration <br />Subject to the City Council's approval of each loan, the City Manager shall administer <br />this program. <br />~End~ <br />