RES 82161 - Laserfiche WebLink

WtlEREAS, a portion of these funds may be utilized for a loan to maintain the services of Chief Eastman, it being consistent with the intent of the City Council to promote the recruitment and hiring of the best available personnel, and to encourage him to reside in the City of Pleasanton, all while still producing substantially equivalent investment income at minimal risk to the City of Pleasanton; NOW, THEREFOPS, THE CITY COUNCIL OF THE CITY OF PLEASAUTOII P~SOLVES AS FOLLOWS: Sectionl: The City Council hereby agrees to enter into an agreement with Chief Eastman which, in return for his services as Police Chief, would make available as part of his compensation a loan upon the following terms and conditions, and upon such other terms and conditions not inconsistent with the following which may be deemed reasonable and advisable by the City Manager and City Attorney: The loan shall constitute a benefit of employment in consideration for Chief Eastman's services, to be evidenced by a separate written agreement. b. The loan shall be for a maximum of $160,000. The loan shall have an interest rate of per annum and be due and payable in five years; monthly payments shall be in an amount to be agreed upon by Chief Eastman and the City l~anager, but in no event shall the payments be less than that necessary to cover interest charges. The loan shall be secured to the satisfaction of the City Manager and City Attorney and evidenced by a promissory note secured by a deed of trust. The loan shall be used to enable Chief Eastman to purchase a residence within the City of Pleasanton or to assist in the sale of his l~anhattan Beach former residence, provided he subsequently purchases a residence in the City of Pleasanton. The loan shall be non-assignable, except it may be assigned one time upon approval by the City Manager of the City of Pleasanton in order to provide financing to assist in the sale of Chief Eastman's former residence. -2-