HomeMy WebLinkAboutPFC 11-17-25 Late Oral CommunicationsPFC 11-17-2025
Oral
Communications
Written Comments
From:Kirsten Squarcia
To:City Clerk
Subject:FW: Written Communications for CPFC Meeting
Date:Monday, November 17, 2025 7:12:35 PM
Attachments:image.png
PFC 11-17-25 Searchable Packet (1).pdf
Cupertino Public Facilities Corp Bylaws.pdf
PFC Articles of Incorporation.pdf
Follow Up Memo CPFC[18].pdf
PFC 87-4.pdf
Public Facilities Corp Information Memo Final[27].pdf
Kirsten Squarcia
Interim Deputy City Manager/City Clerk
City Manager's Office
KirstenS@cupertino.gov
(408) 777-3225
From: Kitty Moore <KMoore@cupertino.gov>
Sent: Monday, November 17, 2025 6:40 PM
To: Kirsten Squarcia <KirstenS@cupertino.gov>
Subject: Written Communications for CPFC Meeting
Dear Secretary of the CPFC,
Is this the annual meeting of the CPFC? If yes, then we are supposed to next elect the
officers per the Bylaws?
The SOI documents at the SOS have officers listed and for positions which were not
elected by the CPFC BOD.
In 2012 there was an election for the officers of the CPFC:
https://records.cupertino.org/WebLink/PDF10/5c573dbc-5345-49b5-9f3b-
bf24ed42da91/337324
Excerpt from this Resolution: BE IT FURTHER RESOLVED, that the Mayor, Vice
Mayor, and City Clerk are the President, Vice President, and Secretary, respectively, of
the Corporation.
The December 6, 2023 Informational Memo has many attachments which would helpful
to the Directors, may we have a copy of them for our records?
Thank you
Kitty Moore
Vice Mayor
City Council
KMoore@cupertino.gov
(408) 777-1389
CITY OF CUPERTINO
CITY COUNCIL
AGENDA
10300 Torre Avenue, City Hall Conference Room C; and via Teleconference
Monday, November 17, 2025
6:45 PM
Cupertino Public Facilities Corporation Meeting
IN-PERSON AND TELECONFERENCE / PUBLIC PARTICIPATION INFORMATION
OPTIONS TO OBSERVE:
Members of the public wishing to observe the meeting may do so in one of the following
ways:
1) Attend in person at City Hall, 10300 Torre Avenue, Conference Room C.
2) Watch a live stream online at https://youtube.com/@cupertinocitycommission
and www.Cupertino.org/webcast.
OPTIONS TO PARTICIPATE AND COMMENT:
Members of the public wishing to address the Public Facilities Corporation may do so in
the following ways:
1) Appear in person at City Hall, 10300 Torre Avenue, Conference Room C.
A. During “Oral Communications”, the public may comment on matters not on the agenda,
and for agendized matters, the public may comment during the public comment period for
each agendized item.
B. Speakers are requested to complete a Speaker Card. While completion of Speaker Cards
is voluntary and not required to attend the meeting or provide comments, it is helpful for
the purposes of ensuring that all speakers are called upon.
C. Speakers must wait to be called and may begin speaking when recognized by the
President.
D. Speakers are limited to three (3) minutes each. However, the President may reduce the
speaking time depending on the number of people who wish to speak on an item. A
speaker representing a group of 2 to 5 or more people who are present may have up to 2
minutes per group member, up to 10 minutes maximum.
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City Council Agenda November 17, 2025
E. Please note that due to cyber security concerns, speakers are not allowed to connect any
personal devices to any City equipment. However, speakers that wish to share a document
(e.g. presentations, photographs or other documents) during oral comments may do so by:
a. E-mailing the document to citycouncil@cupertino.gov by 3:00 p.m. and staff will advance
the slides/share the documents during your oral comment.
2) Written communications as follows:
A. E-mail comments to citycouncil@cupertino.gov
B. Regular mail or hand delivered addressed to the: Public Facilities Corporation, City Hall,
10300 Torre Avenue, Cupertino, CA 95014
C. Comments addressed to the Public Facilities Corporation received by 5:00 p.m. on the
day of the meeting will be included in written communications published and distributed
before the beginning of the meeting.
D. Comments addressed to the Public Facilities Corporation received after the 5:00 p.m.
deadline, but through the end of the Commission meeting, will be posted to the City’s
website by the end of the following business day.
3) Teleconference in one of the following ways:
A. Online via Zoom on an electronic device (Audio and Video): Speakers must register in
advance by clicking on the link below to access the meeting:
https://cityofcupertino.zoom.us/webinar/register/WN_T3Sy7d7sRJihCDmlWIJ56Q
a. Registrants will receive a confirmation email containing information about joining the
webinar.
b. Speakers will be recognized by the name they use for registration. Once recognized,
speakers must click ‘unmute’ when prompted to speak.
c. Please read the following instructions about technical compatibility carefully: One can
directly download the teleconference (Zoom) software or connect to the meeting in their
internet browser. If a browser is used, make sure the most current and up-to-date browser,
such as the following, is used: Chrome 30+, Firefox 27+, Microsoft Edge 12+, Safari 7+.
Certain functionality may be disabled in older browsers, including Internet Explorer.
B. By Phone (Audio only): No registration is required in advance and speakers may join the
meeting as follows:
a. Dial 669-900-6833 and enter WEBINAR ID: 890 6315 5100
b. To “raise hand” to speak: Dial *9; When asked to unmute: Dial *6
c. Speakers will be recognized to speak by the last four digits of their phone number.
C. Join from an H.323/SIP room system:
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City Council Agenda November 17, 2025
H.323:
144.195.19.161 (US West)
206.247.11.121 (US East)
159.124.15.191 (Amsterdam Netherlands)
159.124.47.249 (Germany)
159.124.104.213 (Australia Sydney)
159.124.74.212 (Australia Melbourne)
159.124.168.213 (Canada Toronto)
159.124.196.25 (Canada Vancouver)
Meeting ID: 890 6315 5100
SIP: 89063155100@zoomcrc.com
CALL TO ORDER
ROLL CALL
POSTPONEMENTS AND ORDERS OF THE DAY
ORAL COMMUNICATIONS
This portion of the meeting is reserved for persons wishing to address the Public Facilities Corporation
on any matter within the jurisdiction of the Corporation and not on the agenda for discussion. The total
time for Oral Communications will ordinarily be limited to one hour. Individual speakers are limited to
three (3) minutes. As necessary, the President may further limit the time allowed to individual
speakers, or reschedule remaining comments to the end of the meeting on a first come first heard basis,
with priority given to students. In most cases, State law will prohibit the Corporation from discussing
or making any decisions with respect to a matter not listed on the agenda. A corporation member may,
however, briefly respond to statements made or questions posed by speakers. A corporation member may
also ask a question for clarification, provide a reference for factual information, request staff to report
back concerning a matter, or request that an item be added to a future Public Facilities Corporation
agenda in response to public comment.
CONSENT CALENDAR
Items appearing on the Consent Calendar are considered routine City business and may be approved by
one motion. Typical items may include meeting minutes, awards of contracts, the ratification of
accounts payable, and second readings of ordinances. Any member of the Public Facilities Corporation
may request to have an item removed from the Consent Calendar. Members of the public may provide
input on one or more consent calendar items when the President asks for public comments on the
Consent Calendar.
1.Subject: Approval of the November 18, 2024 Cupertino Public Facilities Corporation
meeting minutes
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City Council Agenda November 17, 2025
Recommended Action: Approve the November 18, 2024 Cupertino Public Facilities
Corporation meeting minutes
A - Draft Minutes
PUBLIC HEARINGS - None
ACTION CALENDAR
2.Subject: Cupertino Public Facilities Corporation Management Report
Receive the Cupertino Public Facilities Corporation
Management Report
A - Management Report
CORPORATION MEMBER REPORTS
FUTURE AGENDA ITEMS
ADJOURNMENT
Lobbyist Registration and Reporting Requirements: Individuals who influence or attempt to influence
legislative or administrative action may be required by the City of Cupertino’s lobbying ordinance
(Cupertino Municipal Code Chapter 2.100) to register and report lobbying activity. Persons whose
communications regarding any legislative or administrative are solely limited to appearing at or
submitting testimony for any public meeting held by the City are not required to register as lobbyists.
For more information about the lobbying ordinance, please contact the City Clerk’s Office at 10300
Torre Avenue, Cupertino, CA 95014; telephone (408) 777-3223; email cityclerk@cupertino.org; and
website: www.cupertino.org/lobbyist.
In compliance with the Americans with Disabilities Act (ADA), anyone who is planning to attend this
meeting who is visually or hearing impaired or has any disability that needs special assistance should
call the City Clerk's Office at 408-777-3223, at least 48 hours in advance of the meeting to arrange for
assistance. In addition, upon request in advance by a person with a disability, meeting agendas and
writings distributed for the meeting that are public records will be made available in the appropriate
alternative format.
Any writings or documents provided to a majority of the Public Facilities Corporation after publication
of the packet will be made available for public inspection in the City Clerk’s Office located at City Hall,
10300 Torre Avenue, Cupertino, California 95014, during normal business hours; and in Council
packet archives linked from the agenda/minutes page on the City web site.
IMPORTANT NOTICE: Please be advised that pursuant to Cupertino Municipal Code section
2.08.100 written communications sent to the Public Facilities Corporation or staff concerning a matter
on the agenda are included as supplemental material to the agendized item. These written
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City Council Agenda November 17, 2025
communications are accessible to the public through the City website and kept in packet archives. Do
not include any personal or private information in written communications to the City that you do not
wish to make public, as written communications are considered public records and will be made
publicly available on the City website.
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CITY OF CUPERTINO
Agenda Item
Subject:Approval of the November 18, 2024 Cupertino Public Facilities Corporation meeting minutes
Approve the November 18, 2024 Cupertino Public Facilities Corporation meeting minutes
CITY OF CUPERTINO Printed on 11/14/2025Page 1 of 1
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UNOFFICIAL MINUTES
CUPERTINO PUBLIC FACILITIES CORPORATION
Monday, November 18, 2024
REGULAR MEETING OF THE CUPERTINO
PUBLIC FACILITIES CORPORATION
At 7:55 p.m. President Sheila Mohan called the Regular Cupertino Public Facilities Corporation
meeting to order in City Hall Conference Room C, 10300 Torre Avenue. This meeting was
recorded for public access.
ROLL CALL
Present: President Sheila Mohan, Vice President J.R. Fruen, and Corporation members Liang
Chao, Kitty Moore, and Hung Wei (8:10 p.m., participated remotely). Absent: None
ORAL COMMUNICATIONS - None
CONSENT CALENDAR
MOTION: Fruen moved and Mohan seconded to approve the items on the Consent Calendar as
presented. The motion carried with the following vote: Ayes: Mohan, Fruen, Chao, and Moore.
Noes: None. Abstain: None. Absent: Wei.
1. Subject: Approval of the October 6, 2020 Cupertino Public Facilities Corporation
minutes
Recommended Action: Approve the October 6, 2020 Cupertino Public Facilities
Corporation minutes
ACTION CALENDAR
2. Subject: Cupertino Public Facilities Corporation Management Report
Recommended Action: Receive the Cupertino Public Facilities Corporation
Management Report
Written communications for this item included emails to the Corporation.
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Public Facilities Corporation Minutes November 18, 2024
Treasurer Kristina Alfaro reviewed the management report.
Corporation members asked questions and made comments.
At 8:12 p.m., Corporation member Wei joined the meeting.
Chao and Moore requested an informational memo on the 2020 Certificates of
Participation (COP) refinancing, focusing on the differences between the coupon rate
and True Interest Cost (TIC) before and after refinancing, along with the resulting
savings. Where possible, include visualizations such as charts or graphs to aid
understanding.
President Mohan opened the public comment period and, seeing no one, closed the
public comment period.
MOTION: Fruen moved and Moore seconded to receive the Cupertino Public Facilities
Corporation Management Report. The motion was approved by unanimous consent.
ADJOURNMENT
At 8:25 p.m., President Mohan adjourned the Regular Public Facilities Corporation Meeting.
Minutes prepared by:
Kirsten Squarcia, Secretary
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CITY OF CUPERTINO
Agenda Item
Subject: Cupertino Public Facilities Corporation Management Report
Receive the Cupertino Public Facilities Corporation Management Report
CITY OF CUPERTINO Printed on 11/14/2025Page 1 of 1
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ADMINISTRATIVE SERVICES DEPARTMENT
CITY HALL
10300 TORRE AVENUE • CUPERTINO, CA 95014-3255
TELEPHONE: (408) 777-3220
CUPERTINO.GOV
MANAGEMENT REPORT
November 17, 2025
To: Cupertino Public Facilities Corporation
From: Kristina Alfaro, Director of Administrative Services
Re: Annual Update
Background
The Cupertino Public Facilities Corporation (CPFC) was incorporated in 1986 as a vehicle to
provide financing for public improvements. The CPFC’s bylaws and other key documents are
available through the City’s online records archives.
New Corporation Activity
The Corporation has had no new financial activity during calendar year 2025. No new issuances
or refinancing actions were initiated. The Corporation continues to exist solely to support the
2020 Certificates of Participation (COPs) for the City’s Civic Center improvements.
Staff continues to perform administrative functions, including preparation of IRS filings, board
reports, and coordination with bond counsel.
IRS Tax-Exempt Status and Reporting
In 2023, the City identified that the Corporation had not filed IRS Form 990 for several years,
which resulted in the revocation of its federal tax-exempt status. In 2024, the City engaged bond
and tax counsel, Stradling Yocca Carlson & Rauth LLP, to assist with the reinstatement process.
As a result:
• The Corporation’s tax-exempt status was successfully reinstated in early 2024.
• The 2023–24 IRS Form 990 was filed in November 2024.
• The 2024–25 IRS Form 990 filed by the due date of November 17, 2025.
Total costs paid to Stradling for reinstatement efforts were $10,518.50. While the Corporation’s
tax-exempt status has been restored, the IRS did not grant a filing exemption. The City has
contacted Stradling to explore whether the CPFC may qualify for a future exemption from filing
requirements, consistent with other cities that have successfully pursued similar treatment for
inactive conduit financing entities.
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2020 CERTIFICATES OF PARTICIPATION – FINANCING SUMMARY
In July 2020, the City issued Certificates of Participation (COPs) via the Corporation to refinance
outstanding debt and achieve cost savings. Key details are as follows:
Despite a higher nominal coupon rate, the refinancing achieved a substantially lower true
interest cost of 0.848% due to the lender-paid premium and application of the prior debt
reserve. This refinancing decision was both strategic and financially advantageous, resulting in
significant savings to the City and long-term flexibility
Board Appointments
Article III, Section 2 of the Corporation’s bylaws designates that the City’s Director of
Finance (Director of Administrative Services) shall serve as the Treasurer of the
Corporation. No appointments are required at this time.
Next Steps
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Staff will continue to work with the City’s legal and tax-exempt bond counsel, Stradling Yocca
Carlson & Rauth LLP, to explore options related to filing exemptions and the Corporation’s
ongoing compliance requirements. Any material updates or developments will be presented to
the Board at a future meeting or through a written update, as appropriate.
Sustainability Impact
No sustainability impact.
Fiscal Impact
Any additional expenditures needed to come into compliance will be assumed within existing
budget appropriations.
California Environmental Quality Act
Not applicable.
_____________________________________
Prepared by: Jonathan Orozco, Finance Manager
Reviewed by: Kristina Alfaro, Director of Administrative Services
Approved for Submission by: Tina Kapoor, Interim City Manager
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tn 'liiifflfflil')'-" "" ' "' "-
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06/02/86
21959
BYLMIS
OF
CUPERTINO PUBLIC FACILITIES CORPORATIOH
ARTICLE I
Offlces and Seal
Sectlon 1. Offlces. The prlnclpa1 offlce of the Corporatlon for the
trBnsa busThall be Clty Hall, 10300 Torre Avenue, Cupertlno,
Ca11fornla 95014. The Board of D1rectors may, hovever, fix and change from
time to tlme the prlncipa1 offlce from one 1ocation to another by notlng the
change of address in the mlnutes of the meeLlng of the Board of Dlrectors at
vhlch the address vas fixed or changed. The fixlng or changlng of such
address shall not be deemed an *yendment to these By1avs.
Sectlon 2. Seal. The Corporatlon shal1 have a seal, consisting of
two (2trlrc1es h'!th the vords 'Cupertino Pub1ic Facllities
Corporatlon,' vith the date of incorporatlon of this Corporation.
ARTICLE II
Directors
Sectlnh 1, Povers. Subject to the 1imitations of the Artic1es of
Incorporation of this Corporation, thr terms of these By1a'-is, and the 1avs
of the State of California, the povers of this Corporation shall be vested
in and exercised by and its property controlled and its affairs conduc:ed by
the Board of Directors.
Section 2. Number. The Ccrporation shall have five (5) Directors.
Directors are co11ectively to be xncivn as the Board of Directors. The
number of Directors may !:ie changed by a By-lav or aniendment t!iereo5 du1y
adopted 5} the Board of Direc!ors.
Section 3. Se1ection, Tenure of Office and Vacancies. The rhembers of
the City Council of the City of Cupertino, California (the "City") shall
constitute the Board of Directors of the Corporation, and each member of the
City Ccunc'i1 of the City shal1 be and remain a member of the Board of
Directors af the Corporatlon for so long as such member remains a rneiber of
the City Council of the City. The Hayor of the City sha11 sit as Chairman
of the Board cf Directors.
Section 4. Compensation. Direciors sha11 serve vithout compensation
but each Director may be reimbursed nis or her necessary and actual
expenses, inc'ludfng travel incident to hfs services as Director, pursbant to
fZ
resolutlon of the Board of Dlrectors.
decllne sald relmbursement.
Any Dlrector may e1ect@ hver, to
Sectlon 5. Orgamzatlori ?4eetlnqs. Irmiedlately rolloylnq the annua?
meeting of the Board of Dlrectors or any specla1 meetlng of the Board of
Dfrectors at vhlch Dlrectors shal'l have been elected, the Dlrectors shall
meet for the purpose of organlz'ing the Board, the e1ectlon of officers and
the transactlori or su:h buslness as may come before the meetlng. Pendlng
such orgarrlzatlon meetlng, all offlcers of the Corporatlon shall hold over,
except any offjcer requlred by lav or these By1aws to be a Dlrector and vho
does not qualjfy as a Director. A Director e1ected at such meetlng of the
Board of Directors sha11 forthvlth become a merriber of the Board of Dlrectors
for purposes of such organ1zatlon.
In the event such an organlzat1ona1 meetlng sha11 not be held
itmiedlate1y fo11ovfng such meeting of the Board of Directors, lt shall
thereafter be he1d at the next regu1ar meeting or at a speclal rneetlng and
notice thereof sha11 be glven in the manner provlded ln Section 9 of thls
Artic1e for notice of speclal meetings.
Sectlon 6. Reqular and Orqanlzatfonal Meetinqs. Regular meetlngs of
the Board of Directors sha11 be held at such time as the Board may flx by
resolution from time to time: provided, hovever, that at least one regular
meeting shall be he1d each year and such meetings sha11, in al1 respects,
conform to provisions of the Ralph M. Brovn Act, being Sections 54950
through 54961 of the Government Code of the State of Ca1ifornia (the "Brown
Act").
No notice of any organizational meeting of the Board of Directors,
he1d irnmediate1y fo11oving the annua1 meeting of the Board of Directors or
on or after any special meeting of the Board of Directors sha11 have been
elected, need be given; provided, that if such an organizational meeting is
not held immediately folloving such meeting of the Board of Direciors, then
notice thereof shal1 be given in a manner provided in Section 9 of this
Article, in the same manner as notice of specia1 meetings.
Section 7. Special Meetinqs. Special meetings of the Board of
Directors shall be cal1ed, noticed and he1d in accordance with the
provisions of Section 54956 of the Brown Act.
Section 8. . A quorum shall consist of a majority of the
members of the Board of Directors unless a greater number is expressly
required by statute, by the Artic1es of Incorporation of this Corporation,
or by these Bylaws. Every act or decision done or made by a majority of the
Directors present at a meeting du1y held at which a quorum is present, shal1
be the act of the Board of Directors.
Section 9. Order of Busir;ess. The order oF business at the regular
meeting of the Board of Directors and, so far as possib1e, at a1l other
meetfngs of the BoarrJ of Directors, shall be essentially as follows, except
as otherwise determined by the Directors at such meeting:
a) Report on the number of Directors present in person in order
to determine the existence of a quorum.
2-
b) Readlng of the notlce of the meetlng arid proof or the
de1lvery or malllng ther'eof, or the valver or valvers of
notlce of the meetlng then flled@ as the case may be.
c) Readlng of unapproved minutes of prevlous meetlngs of the
Board of Dlrectors and the taklng or actlon vlth respect to
approval thereof.
d) Presentation and conslderatlon of reports of officers and
commltteeS.
e) E1ectlon of Directors.
f) Unfinished buslness.
g) Hem business.
h) Adjournment.
Section 10. Resiqnatiori and Removal of Directors. Any Dfrector of
this (,orporation may resign at any ttme by giving vrftten notice to the
President or to the Board of Directors; prov5r:Jed, hoyever, ln the event of
such resignation, such Director's position sria11 remaln vacant unti1 a nev
City Counci1 member is elected to fi11 such Director's position as Clty
Council member, Such resignation shall take effect at the tiw: specified
therein, and, un1ess otherwise specified therein, the acceptance of such
resignation shall not be necessary to make it effective. Any Director may
be removed by the Board of Directors at any regu?ar meetfng or at any
special meeting of the Board of Directors, the notice of whic!"i, among other
things, indicates that the removal of one or more Directors identified
therein sha11 be considered at such meeting by reason of such Directors' (l)
unexcused absence for four consecutive meetings of the Board of Directors,
or (2) commission of any act vhich tends to discredit the Corporation.
Section 11. Non1iabi1iiy for Debts. The private prop=rty of the
Directors sha11 be exempt from execution or other liabilfty for any de5ts,
1iabi1ities or ob1igations of the Corporation and no Dfrector shali ba
1iable or resp:insib'le for any debts, 1iabi1ities or obligations of the
Corporation.
Section 12. Indemnity by Corporation for Litiqation Exr,enses of
Offlcer, Direc".or or Emp1oyee. Should any Director, officer or employee of
the Corporation be sued, either a1orie or vith others, because he is or vas a
director, officer or eiployee of the Corporation, in any proceeding arts'ing
out of his a11eged misfeasance or nonfeasance in the performance of his
duties or out of any a11eged wrongfq? act against the Corporation or by the
Corporation, indemnity rcr his reasonable eypenses, including attorneys'
fees incurred in the defense of the proceedir)s, may be assessed against the
Corporation, its receiver, or its director by the court in the same or a
separat= proceeding if the person sued acted in gocd faith and ir, a ffianr!er
such person reasonably be1ieved to be in the besi ihterests of the
Corporation and, in the case of a crimina1 prsc=eding, had no reasonable
cause to be11eve the conduct of such person yas unlawfvl The aiount M
SuCh i ndemni t} Shal1 be SO mtJ Ch Of the expe 'l SeS, inC luding at tar neJ S ' feeS *
3-
fnCurred lri the defense Of the prOCetdlq, 8S the COurt deterf!in!S and FINDS
to be reasonable.
AIIT!CLE m
Cfiflcers
Sectlon 1. Officers. The officers of the Corporatfon shall be a
Presldent, a Vlce nt, a Secretary, a treasurer and such other
@fflcers as the Board of Directors may appolnt. !hen the dutles do rxt
confHct, one person, other than th= Presldent, may hold more than one of
these offices. The Corporatlon may also have, at the dlscretlon of the
Board of Directors, one or more addltlona1 Vlce Presldents, one or more
Asslstant Secretarles, and one or more Asslstant Treasurers,
Sectlon 2. Electfon of Officers. The offfcers of the Corporatfon
shall be chosen by and shal1 serve at the pleasure of ti;= Board of Dlrectors
arid each sha11 hold offlce unti1 he sha1l resign or shal1 be removed or
othervise dlsquallfied to serve or hls successor sha'!1 be elected and
quallfled to serve; except that the Treasurer of the Corporation sha11 be
the Director of Finance of the City
Section 3. Subordinate Officers. The Baard of Directors may elect or
authortze the appointment of such other officers than those hereinr.bove
mentioned as the business of the Corpriration may require, each of vhcm sha11
ho1d office for such period, have such authority and perform such duties as
are provided in these Bylavs, or as the Board of Dtrectorq from time to tfme
may authorize or determine.
5B(tion 4, Removal of Officers. Any officer may be removed, elther
with or hithout cause, by a majority cf the Directors then in office at any
regu1ar or special meeting of the Board, or, exceot ln the case of ar;
officer chosen by the Board of Directors, by any officers upon vhom sucS
power of removal may be conferred by the Board of Directors. Shou1d a
vacancy occur in any office as a result of daath, "esiqnation, removal,
disqualification or any other cause, the Board of Directors may de1egate the
powers and duties of such office to any officers or to any Directors cntil
such time as a successor far said office has been =1ected and appointed.
Section 5. President. The President shal1 preside at al1 aeetings of
the Board of Directors and exercise and perform such oiher posers and duties
as may be from time to time assigned to him by the Board of Directors or be
prescribed by the Bylaws.
The Presideht sha11 also be the chief corp-irate officer of the
Corporatiori and shall, subject to the control of the Board or Directors,
have genera? supervision, direction and control of the business anJ officers
of the Corporation. He shal1 preside at al1 meetings of the Board of
Directors. He sha11 be ex officio rnem!:ier of all standing cormiit:ees, and
Snal? havP the gereral povers and dutieS Of management usua11y VeSted in the
office of President of a corporation and shall have such other pCiser> and
duties as may be prescribed by the Board of Directors or by these By)avs.
4-
Section 6. Vice Prtslderil In the ab:erice or dlsablllty or th
Prtildent, the Vfce President, or the V1ce Presldenti In order or theft
ranks al f4xea by the toaro or 01rectors* or ir not ranked, the vic@
Preildent deslgnated by the BOard Or Dlrectori* shati perform a?1 trie dutie!
Of the President and Vheri SCI 8Ctlr< Shall haV! , , tse prrverS or aZ be
ubjeCt tO a1't Of the rettr"lCtlOns utxn the Preildent. The Vlce PRESIDENTS
Hall tlaVe %uCh Other pO'aerS and perfofi'n PauCh Other dutleS AS e!4y rrOffl tfffie
to tlme be prescrlbed ror them, r=spectlvely, by the Board or Directors cr
b}theSeBylavs-
Sectlon 7. . The Secretary shall keep or cause to be kept a
book o at the prlnclpa1 offlce or at such other place as the 8aard
of Dlrectors may order, or all meetlngs of the Directors, vlth the tm arid
place of holdlngl vhether regolar or speclal, and 1 € ipecla1, hov
authoSzedi the notlce thereof glven. the names of those present at
Dlrectors' meetings and the proceedlr.gs thereol The Secretary :ha11 glve
or cause :o be qlven notice of arl meetlngs of the Board of Dfrectors of the
Corporatlon, shall keep the corporate records ln sure custody and shall have
such other povers and perf'ors such other dutlcs as may be prescrlbed by the
b..iard of Dlrectors or these 6ylavs.
Section B. Treasurer. The Treasurer sM1l keep and malhtaln or cause
ta be kept and mairotained adequate and correct amourits of its assets,
lla5iHtles, recelpts, dfstiursements, gains and 'losses. The boks of
accouht shal1 at al1 times be open to inspection by any Director. The
Treasurer shal1 deposit all rnonies and ott,er veluables lri the nar:e am to
the credit of the Corporation in such depositorles as may be designated by
the Directors. He sha11 dlsburse the funds of the Ccirporatlon AS shall be
ordered by the Board of Directors, shall render to the Presldent and the
Directors vhenever they shaH request lt, an account of all of his
transactions as Treasurer and of the financia'i condltton of the Corporatlon,
sha1l take proper vouchers for al1 disburseri,nts of the funds of the
Corporation, and shall have such other pover= and perform such other dutfes
as may be prescribed tiy the Board of Direr.Lors or by these Bylass.
Section 9. Assistant Secretartes ant; Assistant Treasurers. The
Assistarit Secretaries and the Assistant Treasurers in the craer of their
seniority as specified by the Directors shal1, iri the abseqce or disability
or the Secretary or the Treasurer, respectively, perforr: the da!ies arc
exercise the povers of the Secretary or Treasurer ara' shaN perform such
duties as the Board of Directors shal1 prescribe.
ARTICLE IV
Objects arid %rpases
5ecjion 1. Nature of Objects and Pur(.:ises- The 5u5in@55 of 1hi5
Corporation is to be operated and cortducteu in she prorr+o:iori of its objects
and purposes as set forth in Article II cf iis Artic?ps of Incorgoration.
Section 2. Dis olcttion. The Corporatiori rriay the dissolved :)ya vote sir
the Directors, or by the action of :he Board of Directors in ac:ordarce vith
the provisions of Califorr.i4 1av. r")On the disso1ution or nin0ir.g up of
i-
thls Corporatlori@ and after payment or provlsion for payment, all debts arc
llabmtleS, the assets Of thl$ Corporation Shall tie dl$trltiuted tO the
lty, If for any reason the Clty lx unablp or unvllllng to accept the
assets or the Corporatlon, sald assets vll1 be dlstrlbuted to the Federal
Goverrwnt: to a state or local government ror pub?lc purposes: or to a
nonproflt fund, foundation, or corporatlon vhlch ls crganlzed and operated
for charltable pqrposes and vhlch has estabHshed lts tax-exempt status
under Sectlon 50.(c)(3) or 501(c)(4) of the fnterna1 tevenue Code of 1954*
as amended.
taxation pursuant to Section 501(c)(3) or 501(c)(',) of the Interna1 Revenue
Code of 1954, as amended, and from State taxation, upon comp?lance vlth the
provlslons of Callfornla 1av re1atlng to merger and conso11datlon
ARTICLE V
General Provlsions
Section 1. Payment of ?4oney, Siqriatiires. A11 checks, drafts or other
orders for payment of money, notes or other evidences of indebtedness issued
in the name of or payable to the Corporatfon and any and all securitles
ovned by or held by the Corporation requlring signature for transfer sha11
be signed or endorsed by such person or persons and in such manner as from
time to time shall be determined by the Board of Directors.
Sec'.ion 2. Execution oF Contracts. The Board of Directors, except as
in the Bylavs othervise provided, may authorize any officer or offfcers,
agent or agents, to enter into any contract or execute any contract or
execute any instrument in the name of and on beha1f of the Corporatton and
such authority may be genera7 or confined to spec5f5c instances and unless
so authorized by the Board of Directors, no offfcer, agerit or emp1oyee sha11
have any pcver or authority to bind the Corporation by any contract or
engagement or to pledge its credit or to render it liati1e for any purpose or
in any amount.
Section 3. Fiscal Year. The fiscal year of the Corporation shal1
commence on 'bf1e 1st day of Ju1y of each year and sha11 end on the 30th day
of June of the next succeeding year.
Section 4. Annual Audit. The affairs and financial condition of the
Corporation shal1 be audtted annually at the end of each fiscal year
commencing hith fiscal year 1985-1986 by an independent certified public
accountant se1ecied by the Board of Directors and a vritten report of such
audit and appropriate financial statements sha11 (:re submitted to the E'oard
of Directors prior to the next regu1ar tneeting of '.he Board of Directors of
the Corporation fol1owing the completion of svch audit. Additional audits
anay be authorized as considered necessary or desirab1e by the Board cf
Directors,
6-
ARTICLE Vr
Exempt Actlvltle$
Notvlthstanding any other provfflons of these 8y1avs, no CHrector,
oFflcer, employee or represeritatlve or thls Corporatlon shal1 take ar.y
actlon or carry on any actfvlty by or on behalf or the Corporatlon not
permltted to be taken or carrled on by an organlzatlon exempt under Secllon
501(c)(3) or 501(c)(4) or the Internal Revenue Code or 1954@ as amermed, and
the Regulatlons proailgated thereunder as they nov exlst or as they may
hereafter be amended.
ARTICLE Vll
Amendment to Bylavs
These Bylavs
D'lrectors.
may be amended by rnajorlty vote of the Coard of
ADOPTED b} thP ;Qar'd Of Dlrectors Of ihe Cupertlno Pub1ic Facilltles
Corporptlon on Jun'.= 2, 1986.
SecrpAry
7-
S[CRETARY'S CERTIFICATE
I, the underslgned, do hereby certlfy:
1. That I an the duly elected and actlng Secretary of the Cupertlr+o
Publlc Facl11tles Corporatlon, a Callfornla nonproflt publlc beneflt
corporatlon; and
2. T%at the foregoing By1avs constltute a full, true and corpect copy
of the Bylavs of sald Corporatlon ln ful1 force and effect as of tri; date
hereof.
of
IN fflfTNESS kHEREOF, I have hereunto subscr'lbed my native thls
1986.
day
I / l/ , y
Secre
8-
1532485
P!LffD
JUN O ':' tga:s
ARTICL[S OF INCORPORATIaN a'a "a fil d!b!;e
CUPERTINO PUBuC FACILITI[( CORPORATION
I.
The name of thls corporatfon ls the Cupertlno Publlc Facl11tles
Corporation.
II.
A. This corporatlon ls a nonproflt publlc benefft corporatlon and ls
not organlzed for the private galn of any person. It ls orgarvlz=d under the
Nonprofit Publlc Benefit Corporat'ion Lay for charitab1e purposes.
B. lhe purposes for vhich this corporation is formed are:
1) The specific and primary purposes for vhtch this corporation
is formed are:
a. To render financial asststan:e to the City of Cupertino,
State of California (the "City"), by financlng, refinancing,
acquiring, constructlng, improving, leasing and sel1ing
buildings, bui1ding improvements, equipment, e1ectrical,
vater, sever, road and other pubjic improvements, larr's, and
any other real or personal property for the benefit of
residents of the City and surrounding areas.
b, To acquire by lease, purchase or otherwise, rea1 or persona1
property or any iriterest therein; to construct, reconstruct,
modify, add to, improve or othervise acquire or equip
buildings, structures or improvements and (by sale, lease,
sublease, leaseback, gift or othervise) make any part or all
of any such real or personal property available to or for the
benefit of the residents of the C5'.y.
c, To promote the comn good and genera1 welfare of the
residents of the City, and the governmental enterprises in
the City and surrounding areas by the acquisition of the real
and personal property as hereinabove described.
d, To borrov the necessary funds to pay thp cost of financirig,
refinancing, acquiring, constructing, replacing,
estab1ishing, improving, maintaining, equippirg and operating
such properties and facilities for the herein described
purposes, the indebtedness for hhich borrowed money may, but
JT
need not, be evldenced by secur'ltles or thls corporatlori or
any klnd or character 'Issued at any one or ryre tlms, vhlch
may be elther unsecured or secured by any aortgage, trust
deed, oledge, encumbrance or other llen upon any part or ail
or the properlles and assets at any tlme then or thereaftera
owned or acqulred by thls corporatlon.
e. To recelve 11mlted ora condltiona1 glfts or grants ln trust,
j , or by vay of testamentary devlses, bequests or
grants ln trust, or othemse, funds of ail klnds lncludlng
property, both rea1, personal and mixed, vhether prlnclpa: or
lncome, tangjb1e ar Intangtb1e, present or future, vested or
contlngent, ln order tc' carry on the purposes of thls
corporatlon.
2) The general purposes and povers are to have and exercfse a?l
rlghts and powers riov or hereafter conferred on nonproflt corporatloqs under
the 1avs of the State of Callrornja; provfded, hovevar, that this
corporatlon shal1 not, except to an lnsubstantlal degree, engage in any
actlvltles or exercise any powers that are not ln furtherance of the
specific and primary pvrposes of thls corporation; provlded, further, that
this corporation shall not have the poyer to, and shal1 not, do any act or
conduct any activity, plan, scheme, design or course of conduct vhich in ar,y
vay conflicts vith Sections 501(c)(3) or 501(c)(4) of the Interial Reve;iue
Code of 1954, as amended, arid regu1ations promu1gated pursuant to such
Sections as they nov exist or as they may hereafter be amended.
III.
The name and address in the State cif Ca1ifornia of this rorporatlon's
initla1 agent for service of process is:
Sr. Blaine Snyder
Director of Finance
City of Cupertfrio
1C1300 Torre Avenue
Cupertino, CA 95014
IV.
7tl@ County in the State of California vhere the principle
offices for the transaction off the business of this ccrporation
is Santa Clara County,
The property of this corporatioq is irrevocabiy dedicated to
charitable purposes and no part of the net in:ome or assets of th'!s
corporation shall ever inure to the benefit of any director, officer or
member thereof or to the benefit of any private person.
2-
V.
A. Thls corporatlon ls organized and operated by a group of publlc
splrlted cftlzens exclusfve?y for chat-ftab?e purposes vltltfn the meaning or
Sectlon 501(c)(4) of the Internal Revenue Code or 1954@ as amended.
B. Notv'lthstandlng any other provlslon of these Artlcles, thls
corporatlon shall not carry on any other actlvltles not pertltted to be
carrled on by a corporatlon exempt form federal lncome tax under Sectlon
501(c)(4) of the 7nternal Revenue Code of 1954, as amended,
C. No su!;istantla1 part cf the activftles of thls corporatlon shall
conslst of carrylng on propaganda, or othervise attemptlng to lnfluence
legfs1at1on, and this corrioratlon shal! not partlclpate or intervene ln any
po11tlca1 campaign (inc1uding the pub11shlng or dlstrlbutlon of statements)
on behalf of any candldate for po11tlcal offlce.
A. Diyring the continuance of
of its assets to the Unfted States
any po11tical subdivision thereof,
corporation vhich is organized and
social ve?fare purpose and vhich has
Section 501(c)(3) or 5C)1(c)(4) of
amended.
VI.
this corporatlon, ft rnay dls'!.rlbute any
of Arnerfca, the State of Callfornla, or
to a nonprofit fund, foundation or
operated exc1usive1y for charltable or
established lts tax-exempt status under
the Interna1 Revenue Code or 1954, as
B. Upon the dissolution or vinding up of this corporation, its assets
remaining after payment of, or provision made for the payment of, all debts
and liabilities of this corporation, shan be distributed to the United
States of America, the State of California, or any political subdivision
thereof, or to a nonprofit fund, fcundation or corporation vhich is
organized and operated exc1usive1y for charitable or social ve1fare purposes
and vhlch has estab1'ished its tax-exempt status under Sectiori 501(c)(3) or
501(c)(4) of the Interna1 Revenue Code of 1954, as amended.
3-
IN NITNESS WER[OF, the umerslgned, belng the lncorporator of thts
corporatlon, has executed these Artlcles of Incorporatlon, th'ls 30th day of
f4ay, 19%.
erlan D. Quln Incorporator
4-
ACTIOH BY VRITTEH CONS[HT OF INCORPORATOR
CUPERTINO PUBLIC FACILITIES CORPORATION
The underslgned, as sole lncorporator or thls publlc beneflt
corporatlon, took the belov stated actlon on June 2, 1986, at 7:00 p.m., at
the offlces of the Clty of Cupertlno, Callfornla pursuant to Sectlon 5134 of
the Callfornla Corporations Code (or the purpose of electing lnltlal
dlrectors and settfng the tlme and p1ace for the organ!zatlonal ryetlng.
It vas noted that th= Artlcles of rncorporatlon yre duly flled vlth
the Secretary of State of Ca11fornla earller on June 2, 1986 and that
corporatlori number vas asslgned to thls corporatfon,
RESOLVED, that the fol1ovlng persons be selected as the in!tla1
dlrectors of the corporation:
John H. Gatto
Philip N. Johnson
John J. Plungy, Jr.
Barbara A. Rogers
i. Reed Sparks
BE IT FURTHEP RESOLVED, that the organlzationa1 rneetlng of the
corporation be helci on June 2, 1986, at 7:00 p.gi., at the offices of the
City of Cupertino, Californla, and that the notlce of such meeting sent to
the in4tlal directors and other interested persons by Mr. Blaine Snyder, 1s
hereby approved and ratified.
A11 further organizational matters being left for the nev directors to
take actlon upon, the meeting vas adjourned,
B
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Date: April 8, 2024
To: Cupertino City Council
From: Kristina Alfaro, Director of Administrative Services
Cc: Pamela Wu, City Manager,
Chris Jensen, City Attorney,
Matt Morely, Assistant City Manager and
Jonathan Orozco, Finance Manager
Re: Update on Cupertino Public Facilities Corporation (CPFC)
Background
As part of the March 5th and April 3, 2024, meetings the following questions were asked by
Council regarding the Cupertino Public Facilities Corporation.
1. Can we get an update for when our annual Board of Directors meeting is planned? And
an update on the resumption of tax-exempt status and timeline?
Staff response: Under the Cupertino Public Facilities Corporation Bylaws sections 6 Regular and
Organizational Meetings “Regular meetings of the Board of Directors shall be held at such time
as the Board may fix by resolution from time to time;” Resolution 87-4 set the meeting date as the
third Monday in November of each year. City staff has scheduled the meeting for November 18,
2024.
The City's external legal counsel submitted an application requesting the reinstatement of
Cupertino Public Facilities Corporation's (CPFC) 501(c)(4) status in December. Subsequently,
staff has received confirmation from the IRS acknowledging the receipt of the application. A
determination letter has not been issued.
2. Since we are apparently the Board, what is our ability to call a meeting?
Staff response: Bylaws section 7 Special Meetings “Special meetings of the Board of Directors
shall be called, noticed and held in accordance with the provisions of Section 54956 of the Brown
Act.” Section 54956 of the Brown Act reads as follows, “(a) A special meeting may be called at
any time by the presiding officer of the legislative body of a local agency, or by a majority of the
members of the legislative body....”
CITY COUNCIL INFORMATIONAL MEMORANDUM
December 6, 2023
To: Cupertino City Council
From: Kristina Alfaro, Director of Administrative Services
Re: Cupertino Public Facilities Corporation Questions
Background
The Cupertino Public Facilities Corporation (CPFC) was established on June 2, 1986 as
tax-exempt corporation under Internal Revenue Code section 501(c)(4) to issue debt on
behalf of the City.
The City of Cupertino, City Council acts as the CPFC’s board of directors. Following
Resolution 12-01, the Mayor, Vice Mayor, and City Clerk are automatically seated as the
President, Vice President, and Secretary of the Board, respectively. CPFC’s bylaws
assigns the City’s Director of Administrative Services as the Treasurer.
The board has met on 11 occasions since its establishment, with one meeting cancellation
for lack of business, on the following dates:
1. June 2, 1986 – Passed Articles of Incorporation (Attachment A), Bylaws
(Attachment B), Elected Officers, set date and meeting time of regular meetings
and authorized filing of exemptions to the State Franchise Tax Board and various
Federal Forms and issued Certificates of Participation (COP). COP is a
municipal financing tool used to generate funds to acquire real property or to
construct or improve public facilities. COP use a tax-exempt lease-financing
agreement, where the investors are paid via lease revenues generated from the
property. Per California State law, properly structured COP are not debt and
therefore do not require voter approval.
2. July 20, 1987 – Elected officers, set date and meeting time of regular meetings to
the second Tuesday in November at seven o’clock p.m.
3. November 16, 1987 – Elected Officers and set new date and meeting time of
regular meetings to the third Monday in November at seven o’clock p.m.
(Attachment C)
4. February 16, 1988 – Authorized execution of grant of easement to Pacific Gas and
Electric Company
5. March 1, 1993 – Refinancing of Certificates of Participation
6. September 16, 2002 – Issuing Certificates of Participation
7. April 17, 2012 – Adopted resolution 12-01 appointing Cupertino City Council
members as Board of Directors of the Public Facilities Corporation and approved
refinancing of certificates of participation.
8. October 6, 2015 – Cancelled due to lack of business.
9. January 19, 2016 -- Approved the City entering into Antenna Ground Lease
Agreement with GTE Mobilnet of California
10. July 5, 2017 – Approved the City to entering into Antenna Ground Lease
Agreement with New Cingular Wireless
11. September 15, 2020 – Refinancing of Certificates of Participation
12. October 6, 2020 – Approved the minutes of the September 15, 2020 meeting.
Public Facilities Corporation bylaws and Articles of Incorporation
At the corporation’s first meeting in 1986, its Bylaws were adopted, these Bylaws set
forth the provisions which the corporation operates under, including but not limited to
the election of directions, regular meetings, objects and purpose of the corporation, and
general provisions.
In addition, the corporation adopted its Articles of Incorporation, which state the
purpose for which the corporation was formed.
Lasty, the corporation authorized filings with both the State and Federal governments
for recognition as a 501(c)(4) tax-exempt corporation.
Debt Issued and Reporting Requirements
The corporation has authorized debt issuance on the following occasions, with the most
recent issuance in 2020, a refinancing of the 2012 Certificates of Participation. The
refinancing resulted in annual savings of approximately half a million dollars for the
remaining 10 years of the debt. Additional details can be found in the Fiscal Year 2020-21
Mid-Year Report (Attachment J) and Debt Schedules (Attachment K).
Debt Issuance Date Certificates of Participation for: Debt Principal
Amount
Center Acquisition)
Debt Issuance Date Certificates of Participation for: Debt Principal
Amount
School Site (now Creekside Park)
Projects
Memorial Park
Fremont Older projects
provides funding for the new library
rate
There are regulatory reports and actions to maintain the 501(c)(4) status along with debt
reporting and compliance requirements. Those requirements and the City’s current
status is shown in the table below:
Annual Federal
Reporting (Form 990)
Reporting to exempt CPFC from filing in 2016
(Attachment I). The Corporation is
currently working with subject matter
experts to reestablish 501(c)(4) and will
begin Form 990 filing shortly afterward.
Annual State Filing
(Form 199)
Reporting when it was determined that the
corporation was exempt from filing.
Annual Transaction
Report (Attachment D)
Reporting continued to prepare and submit reports
with City staff review.
Statement of Information
(Attachment G)
Reporting status and will file the Statement
biannually in June on even years.
Board of Directors Compliance meetings occur in November.
Insurance Coverage
(Attachment H) Compliance minimum general liability and rental
interruption coverage.
(BNYM) -Statement of
the City
Reporting Statement and supplement documents.
Conclusion
The City is in compliance with all State filings and debt issuance requirements.
The lapse of annual federal reporting (Form 990) has resulted in the revocation of
CPFC’s 501(c)(4) status. There is no material impact on the City’s debt issuance due to a
lapse in reporting as the City has not received a disbursement from the debt since 2002
when additional debt was issued for the Library and Community Hall. In addition, the
Corporation has not met regularly as prescribed by the Bylaws. Based on the most
recent Resolution on meeting dates, City staff will schedule an annual meeting on the
third Monday in November, or November 18, 2024.
Next Steps
City staff is working with subject matter experts to regain CPFC’s 501(c)(4) status and
bring into federal reporting compliance. Expected completion for filing is early next
calendar year. Staff will update City Council once CPFC has regained 501(c)(4) status.
Following reacquiring 501(c)(4) status and Form 990 fillings, staff will work with subject
matter experts to reattempt exempting CPFC from filing Form 990 in future years.
Staff is drafting internal reporting procedures to ensure that reporting and annual
meetings are not missed in the future. For debt issuance, the City will continue to work
with UFI Inc. to ensure the required annual reporting is met.
Sustainability Impact
No sustainability impact.
Fiscal Impact
Any additional expenditures needed to come into compliance will be assumed within
existing budget appropriations.
_____________________________________
Prepared by: Jonathan Orozco, Finance Manager
Reviewed by: Kristina Alfaro, Director of Administrative Services
Matt Morely, Assistant City Manager
Approved for Submission by: Pamela Wu, City Manager
Attachments:
A – Cupertino Public Facilities Corporation Articles of Incorporation
B—Cupertino Public Facilities Corporation Bylaws
C – Cupertino Public Facilities Corporation Resolution 87-4 Appointing Time and
Meeting Place of Regular Meetings
D – Financial Transactions Report FY2021-22
E – Cupertino Public Facilities Corporation all other resolutions
F – Cupertino Public Facilities Corporation Minutes
G – Cupertino Public Facilities Corporation Entity Status Letter
H – Cupertino Public Facilities Corporation Insurance and Appropriations Compliance
I –Form 990 Exemption Request Submittal
J – Fiscal Year 2020-21 Mid-Year Financial Report
K – Debt Schedules