CUPERTINO
OFFICIAL MINUTES
CUPERTINO PUBLIC FACILITIES CORPORATION
Monday, November 17, 2025
At 6:46 p.m. President Liang Chao called the Regular Cupertino Public Facilities Corporation meeting to order in City Hall Conference Room C, 10300 Torre Avenue and via teleconference.
ROLL CALL
Present: President Liang Chao, Vice President Kitty Moore, and Corporation members J.R.
Fruen, Sheila Mohan, and Ray Wang. Absent: None
POSTPONEMENTS AND ORDERS OF THE DAY - None
ORAL COMMUNICATIONS
Planning Commissioner San Rao (self) discussed the Public Facilities Corporation jurisdiction, Form 990-T exemptions, and the City's tax-exempt status.
CONSENT CALENDAR
President Chao opened the public comment period and, seeing no one, closed the public comment period.
MOTION: Moore moved and Fruen seconded to approve the Consent Calendar as presented.
The motion passed with the following vote: Ayes: Mohan, Fruen, Chao, Moore, and Wang.
Noes: None. Abstain: Wang. Absent: None.
1. Subject: Approval of the November 18, 2024 Cupertino Public Facilities Corporation meeting minutes
Recommended Action: Approve the November 18, 2024 Cupertino Public Facilities Corporation meeting minutes
PUBLIC HEARINGS - None
City Council Minutes November 17, 2025
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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 a desk item report with staff answers to corporation member questions and emails to the Corporation.
Assistant Treasurer JonathanOrozco reviewed the management report.
Corporation members asked questions and made comments.
PresidentChao opened the public comment period and, seeingno one, closedthe public comment period.
TheCorporation receivedthe Cupertino Public FacilitiesCorporation ManagementReport.
CORPORATION MEMBER REPORTS
Corporation members reported out.
FUTURE AGENDA ITEMS
Corporation members added the following items for staff follow- up.
Schedulea future meeting to discusspotential bylaw amendments, especially regarding the CEO and Clerk roles.
Clarify who will sign the Statementof Information.
Confirm and document why Form 990is being used instead of Form 8038G.
Examine Form 8038Gfor QSIPnumber fields and appropriateness.
Collect information previously attached to the December6, 2023informational memo.
Check the City Council/ public records page for Cupertino Public Facilities Corporation materials and identify missing documents.
Understand corporation members’ fiduciary duties and personal exposure when overseeing the corporation versus city council duties.
Explore whether issuing similar bonds could be advantageous in the future if interest rates decline, noting the corporation cannot call existing bonds before maturity.
Look into how previous bonds were issued since 1987for context and lessonslearned.
Capture other points from the discussion that might need follow- up.
City Council Minutes November 17, 2025
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Add inputting the judgment from the IRS.
The Corporation agreed to hold a special meeting on Tuesday, January 27, 2026at 5:45 p.m.
ADJOURNMENT
At 7:45p.m., PresidentChao adjourned the Regular Public Facilities Corporation Meeting.
Minutes prepared by:
Kirsten Squarcia, Secretary