RESOLUTION NO. _____________
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BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA
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RESOLUTION APPROVING HOUSING ASSISTANCE LOAN TO DAVID S. BOESCH AS CONSIDERATION FOR SERVICES AS ASSISTANT COUNTY MANAGER
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RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that
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WHEREAS, the County Manager has selected David S. Boesch to serve in the position of Assistant County Manager; and
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WHEREAS, Mr. Boesch’s employment agreement with the City of Menlo Park provides for City issued housing assistance loans for the purchase of his residence, which carry a payoff amount of $1,489,843.74 as of March 31, 2007; and
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WHEREAS, the loans with the City of Menlo Park must be paid off no later than twelve months from his termination of employment with the City; and
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WHEREAS, the Board desires to assume the loan obligation currently owed the City of Menlo Park, by paying off the amount owed and entering into a single loan, secured by a deed of trust on the property.
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NOW THEREFORE, IT IS HEREBY DETERMINED AND ORDERED , that a housing assistance loan to David Boesch on substantially the same terms as the loans currently held by the City of Menlo Park, and authorizes the County Manager to execute such documents as are necessary to consummate the loan, including but not limited to a promissory note or notes and one or more deeds of trust.
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