DATE: September 22, 2020
TO: Mayor and City Council
FROM: Director of Finance
SUBJECT
Adopt a Resolution Authorizing the Forgiveness of the Promissory Note for the City Manager After the City Received Full Repayment of the City-Issued Home Loan
RECOMMENDATION
That Council adopts a resolution (Attachment II) authorizing the forgiveness of the promissory note the City entered into with the City Manager after the City has received full repayment of the City-issued home loan.
SUMMARY
In July 2017, the City entered into a loan agreement with City Manager McAdoo for the purchase of a home in the City of Hayward. In August 2020, City Manager McAdoo has repaid this loan in its entirety. This action will complete the release of liability for City Manager McAdoo with the City for the loan. Staff is requesting that Council approves the attached resolution to accept this payment and forgive the promissory note as completely satisfied.
ATTACHMENTS
Attachment I Staff Report
Attachment II Resolution