PRESENT:

Authority Chair Otto Lee

Authority Vice Chair Anthony Spitaleri

Authority Member John Howe

Authority Member Dean J. Chu

Authority Member Ron Swegles

Authority Member Melinda Hamilton

Authority Member Christopher Moylan

ABSENT:

None

STAFF PRESENT:

Amy Chan, Authority Executive Director

Robert Walker, Assistant City Manager

David Kahn, Authority Counsel

Robert Paternoster, Authority Secretary and Director of Community Development

Katherine Bradshaw Chappelear, Authority Clerk

1. A.

Approval of Draft Minutes of Regular Meeting of June 13, 2006

Authority Member Swegles stated he spoke to David Kahn, Authority Counsel, regarding  the recorded  vote on (Item 1.A.) at the June 13, 2006 Financing Authority Meeting.  He stated the vote was recorded incorrectly as the abstentions were counted in the vote.  Authority Counsel Kahn verified the vote should be recorded as 3-0, not 3-3 with three abstentions and one absence.  Corrections to the June 13, 2006 minutes will be made.

Authority Member Howe stated he will abstain from voting on this item as he was not in attendance at the June 13, 2006 Financing Authority meeting.

Authority Chair Lee opened Public Comments.  No one wished to speak and Authority Chair Lee closed Public Comments.

MOTION: Authority Member Swegles moved and Authority Member Chu seconded to amend Item 1.A. to reflect the VOTE: Motion carried 3-0 (Authority Members Hamilton, Spitaleri and Moylan abstained and Authority Member Howe absent).

VOTE: 6-0 (Authority Member Howe abstained)

1. B.

FA 07-001

Sunnyvale Financing Authority Annual Report for FY 2005/2006

Staff Recommendation:  Financing Authority Board receives and files the Sunnyvale Financing Authority’s attached Basic Financial Statements and Independent Auditors’ Report for the year ended June 30, 2006.