RESOLUTION NO. _____________

BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA

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RESOLUTION AMENDING 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

 

WHEREAS, the County Manager has selected David S. Boesch to serve in the position of Assistant County Manager; and

 

WHEREAS, on February 27, 2007, by Resolution No. 068565, the Board approved a housing assistance loan as compensation for Mr. Boesch’s employment, in an amount represented by the amount necessary to pay off outstanding loans provided by the City of Menlo Park, which had been estimated to be in the amount of $1,489,843.74 as of March 31, 2007; and

 

WHEREAS, due to certain clerical errors, the payoff amount presented to and approved by the Board was insufficient by an amount of approximately $10,000, which resulted in the inability to pay off the loans on March 31, 2007; and

 

WHEREAS, the Board desires to correct the amount previously authorized to provide sufficient funding 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.

 

NOW THEREFORE, IT IS HEREBY DETERMINED AND ORDERED, that Resolution No. 068565, adopted by the Board of Supervisors on February 27, 2007, is hereby modified to authorize a housing assistance loan to David S. Boesch, in the amount of up to $1,499,850, 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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