CITY OF CUPERTINO
CI
TY 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 OP
TIONS 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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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 [email protected] 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 [email protected]
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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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: [email protected]
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 o
n 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 o
ne 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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Recommended Action: Approve the November 18, 2024 Cupertino Public Facilities Corporation meeting minutes
A - Draft Minutes
PUBLIC HEARINGS - None
AC
TION CALENDAR
2. Subject: Cupertino Public Facilities Corporation Management Report Recommended Action: Receive the Cupertino Public Facilities Corporation Management Report
A - Management Report
CORPORATION MEMBER REPORTS
FU
TURE AGENDA ITEMS
ADJOURNMENT
Lobbyist Registration and Reporting Requirements: Individuals who influence or attempt to influence l
egislative 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 [email protected]; 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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communications are accessible to the public through the City website and kept in packet archives. Do n
ot 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
25-14530 Agenda Date:
11/17/2025 Agenda #: 1.
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 p ossible, include visualizations such as charts or graphs to aid understanding.
President Mohan o pened 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
25-14531 Agenda Date:
11/17/2025 Agenda #: 2.
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 12 11/14/25
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