Title
Vote to approve loan modification for CCN
Abstract
On December 14, 2009, the Board of Commissioners approved a contract with Child Care Networks (CCN) to loan the agency $20,000 over three years to purchase new software.
The loan was recommended and approved, because the request for the software was made midyear outside the budget process and did not rise to the requirements for emergency funding.
The agency was unable to make its first payment and the loan was restructured through a contract amendment on October 17, 2011, which required that the agency make four payments of $5,000.
CCN has made two of the loan payments, but is unable to make the third payment, which is due in FY 2015. The agency is projecting a deficit of more than $5,000 in FY 15 if the loan payment is made as required. CCN has requested a second modification to its loan agreement. The second modification is being recommended by staff and would defer the FY 2015 payment and extend the repayment schedule by one year.