DRAFT MINUTES*
SUNNYVALE FINANCING AUTHORITY
DECEMBER 18, 2003
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PRESENT:
Absent: |
Chair John Howe
Vice Chair Dean Chu
Director Fred Fowler
Director Ron Swegles
Director Melinda Hamilton
Director Otto Lee
Director Julia Miller
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Staff Present: |
Amy Chan, Acting Executive Director
Valerie J. Armento, General Counsel
Mary Bradley, Treasurer
Nasi Raissian, Finance Manager
Cathleen McKay, Interim Agency Secretary
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CONSENT CALENDAR
Chair Howe moved, and Director Swegles seconded, to approve the Consent Calendar. The motion carried unanimously.
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FA - 1.A. |
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Approval of Draft Minutes (April 8, 2003) |
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CITIZENS TO BE HEARD
There were no comments.
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PUBLIC HEARINGS/GENERAL BUSINESS
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FA - 2. |
FA 03-102
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Sunnyvale Financing Authority Annual Report of Financial Activities
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Nasi Raissian, Finance Manager, presented the staff report. She stated on June 30, 2003, the Authority had the following outstanding bonds:
Water and Wastewater Revenue Bonds, Series 2001
Issue Date: December 11, 2001
Description and Purpose: Water and Wastewater Revenue Bonds, Series 2001 issued to refinance the 1992 Utilities Revenue Bonds, Series A and to finance improvements to the City’s wastewater facilities.
Original Issue Amount: $32,115,000
Amount Outstanding as of June 30, 2003: $30,965,000 (Par Value)
2001 Government Center Certificates of Participation
Issue Date: April 5, 2001
Description and Purpose: 2001 Government Center Variable Rate Demand Certificates of Participation issued to finance a portion of the cost of acquiring real property for possible future construction of a new government center.
Original Issue Amount: $18,710,000
Amount Outstanding as of June 30, 2003: $17,980,000 (Par Value)
1992 Utilities Revenue Bonds, Series B
This debt was refinanced with the Solid Waste Revenue Bonds, Series 2003, which was issued on February 13, 2003 in the amount of $20,575,000. The new bond issue is a debt of the City and not of the Authority.
The Authority’s financial transactions and financial statements were audited by the City’s independent auditors, Caporicci & Larson, CPAs, and have received an unqualified opinion. Attachment A includes a copy of the Authority’s Basic Financial Statements and Independent Auditors’ Report. Because of the significance of the Authority’s operational and financial relationship with the City, the Authority is treated as a component unit of the City for financial reporting purposes.
Chair Howe moved, and Director Lee seconded, that the Board receive and file the Sunnyvale Financing Authority’s attached Basic Financial Statements and Independent Auditors’ Report for the year ended June 30, 2003. The motion carried unanimously.
ADJOURNMENT
Vice Chair Chu declared the meeting adjourned at 3:59 p.m.
Respectfully submitted,
Donna Biles, Deputy City Clerk