DRAFT 6/14/23_________
T-FIN-160163/67934 1
Council Agenda:
Item No.:
RESOLUTION NO. __________
A RESOLUTION OF THE FINANCING AUTHORITY OF
THE CITY OF SUNNYVALE ADOPTING THE BUDGET
FOR THE SUNNYVALE FINANCING AUTHORITY FOR
THE FISCAL YEAR JULY 1, 2023 TO JUNE 30, 2024
WHEREAS, the Sunnyvale Financing Authority was created on September 29, 1992, by a Joint Powers Agreement (JPA Agreement) between the City of Sunnyvale and the former Sunnyvale Redevelopment Agency (Resolution No. 106-92 RA); and WHEREAS, the JPA Agreement authorizes the Financing Authority to adopt a budget annually prior to July 1 of each year; and
WHEREAS, the Financing Authority has reviewed the proposed budget, attached hereto as Exhibit A, and advertised and held a public hearing on June 6, 2023, at which interested members of the public were given an opportunity to be heard.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE FINANCING AUTHORITY OF THE CITY OF SUNNYVALE THAT:
1. The budget of the Sunnyvale Financing Authority for the fiscal year beginning on July 1, 2023 and ending on June 30, 2024, attached hereto as Exhibit A, is hereby approved and adopted as the budget of the Financing Authority for fiscal year 2023/2024.
2. $7,510,425.00 is appropriated to fund the annual debt service payment for the 2009 Government Center Certificates of Participation that are funded through a lease agreement with the City of Sunnyvale.
Attachment 4
T-FIN-160163/67934 2
Council Agenda:
Item No.:
Adopted by the Financing Authority of the City of Sunnyvale at a regular meeting held on June 20, 2023, by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
RECUSAL:
ATTEST: APPROVED:
__________________________________ _________________________________
DAVID CARNAHAN
Financing Authority Secretary
LARRY KLEIN
Financing Authority Chairperson
(SEAL)
APPROVED AS TO FORM:
___________________________________
JOHN A. NAGEL
Financing Authority Counsel
Attachment 4
SUNNYVALE FINANCING AUTHORITY
BUDGET AND APPROPRIATIONS
FY 2023/24 BUDGET
Sunnyvale
Program/Project Financing
Description Authority
-------------------------------------------------------------------------------------------------------------------------------- --------------------------
RESOURCES
Lease Payments from the City of Sunnyvale 7,510,425
--------------------------
TOTAL RESOURCES 7,510,425--------------------------
EXPENDITURES
Debt Service Payment 7,510,425
--------------------------
TOTAL EXPENDITURES 7,510,425--------------------------
(;+,%,7$
Attachment 4