HomeMy WebLinkAboutResolution No. 2024-13 | Budget Adoption Financing Authority | Adopted 03/04/2024RESOLUTION NO. 2024-13
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE GILROY
PUBLIC FACILITIES FINANCING AUTHORITY ADOPTING THE
BUDGET FOR SAID AUTHORITY FOR THE FISCAL YEAR 2024-25
WHEREAS, the Gilroy Public Facilities Financing Authority
(“Authority”) was established by the City of Gilroy (“City”) and the Community
Development Agency of the City of Gilroy on March 21, 1994, pursuant to a joint
powers agreement entitled “Joint Exercise of Powers Agreement Gilroy Public
Facilities Financing Authority” (as amended, the “Agreement”) for the purpose,
among others, of providing for the financing and refinancing of public capital
improvements for the City; and
WHEREAS, the Agreement was amended by the “First Amendment to
Joint Powers Agreement” on July 1, 2013, to replace the Community Development
Agency of the City of Gilroy with the Industrial Development Authority of the City
of Gilroy as a party to the Agreement; and
WHEREAS, Section 3.02 of the Agreement states that the Treasurer of the
Authority shall be the depositary for the Authority and have custody of all accounts,
funds, and money of the Authority; and
WHEREAS, Section 6.04 of the Agreement states that the Board of
Directors (“Board”) shall adopt a budget for administrative expenses annually prior
to March 1st of each year; and
WHEREAS, Section 6.04 of the Agreement also states that the annual
budget shall include all administrative expenses not included in any bond issue of
the Authority; and
WHEREAS, the Treasurer of the Authority anticipates no administrative
revenues or expenses for the Fiscal Year 2024-25; and
WHEREAS, the Treasurer of the Authority is proposing that the Board of
the Authority adopt a budget for Fiscal Year 2024-25 that provides for anticipated
revenue totaling $0 and anticipated administrative expenses totaling $0; and
WHEREAS, the said proposed budget for Fiscal Year 2024-25 is now
before the Board for adoption and said Board is satisfied with said budget.
NOW, THEREFORE, BE IT RESOLVED that each of the foregoing
recitals is true and correct.
BE IT FURTHER RESOLVED that the said proposed budget, including
the anticipated revenues and administrative expenses, shall be and hereby is adopted
as the budget of the Authority for the Fiscal Year 2024-25.
BE IT FURTHERRESOLVED that this resolution shall becomeeffective
immediately.
Resolution No. 2024-13
Adopting GPFFA Budget for Fiscal Year 2024-25
Gilroy Public Facilities Financing Authority Regular Meeting | March 4, 2024
Page 2 of 3
PASSED AND ADOPTED this 4th day of March 2024 by the following roll call vote:
AYES: BOARD MEMBERS: %5$&&2$50(1'$5,=0$548(6
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NOES: BOARD MEMBERS:
ABSENT: BOARD MEMBERS:
APPROVED:
Marie Blankley, Chair ATTEST:
Beth Minor, Interim Secretary
Resolution No. 2024-13
Adopting GPFFA Budget for Fiscal Year 2024-25
Gilroy Public Facilities Financing Authority Regular Meeting | March 4, 2024
Page 3 of 3
CERTIFICATE OF THE SECRETARY
I, BETH MINOR, Interim Secretary of the Gilroy Public Facilities Financing
Authority, do hereby certify that the attached Resolution No. 2024-13 is an original
resolution, or true and correct copy of the Authority’s Resolution, duly adopted by the
Gilroy Public Facilities Financing Authority at a Regular Meeting of said held on Monday,
March 4, 2024, with a quorum present.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Official
Seal of the City of Gilroy this 7XHVGD\, March 5, 2024.
Beth Minor
Interim Secretary
(Seal)