7531 - HOME COMPUTER PURCHASE PROGRAM

In order to encourage and facilitate computer literacy and the use of computers for improved student achievement, the Manitowoc Public School District will provide a home computer purchase program for District personnel. In this program, the Manitowoc Public School District will provide up to $3,000 to each employee who elects to participate in the program for the purchase of computer equipment. The employee will purchase the computer equipment which best meets his/her needs paying twenty-five percent (25%) down upon purchase and the District will loan the employee the remaining seventy-five percent (75%) of the purchase price of the equipment.

In order to participate in the program, the employee will execute a promissory note payable to the District in the amount of the cost of the loan. The note will be repaid over a two-year (2) period through equal payroll deductions. This note will be interest free and will be secured by a security interest (collateral) in the equipment. If the employment of a participant is terminated prior to the time that the promissory note is to be repaid, the employee will be expected to repay the balance by the last day of employment. If necessary, the Manitowoc Public School District may offset any other sums due the staff member to repay the promissory note. Annually, the Manitowoc Board of Education will establish a spending limit for this program. As a result, employees will participate in the program on a first-come-first serve basis. An employee who has already received a loan through this program will not be eligible for a second loan until the first loan is repaid.

Manitowoc Public School District