HomeMy WebLinkAbout2025-04 GPFFA Resolution FinalRESOLUTION NO. 2025-04
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE GILROY
PUBLIC FACILITIES FINANCING AUTHORITY ADOPTING THE
BUDGET FOR SAID AUTHORITY FOR THE FISCAL YEAR 2025-26
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 2025-26; and
WHEREAS, the Treasurer of the Authority is proposing that the
Board of the Authority adopt a budget for Fiscal Year 2025-26 that provides
for anticipated revenue totaling $0 and anticipated administrative expenses
totaling $0; and
WHEREAS, the said proposed budget for Fiscal Year 2025-26 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
2025-26.
Docusign Envelope ID: D951F938-D835-4E0D-ABC5-FBEBA6C928B4
Resolution No. 2025-04
Adopting GPFFA Budget for Fiscal Year 2025-26
Gilroy Public Facilities Financing Authority Regular Meeting | February 3, 2025
Page 2 of 3
BE IT FURTHER RESOLVED that this resolution shall become
effective immediately.
PASSED AND ADOPTED this 3rd day of February 2025 by the following roll call vote:
AYES: BOARD MEMBERS: BRACCO, FUGAZZI, MARQUES, HILTON,
RAMIREZ, CLINE, BOZZO
NOES: BOARD MEMBERS:
ABSENT: BOARD MEMBERS:
APPROVED:
Greg Bozzo, Chair
ATTEST:
Beth Minor, Interim Secretary
Docusign Envelope ID: D951F938-D835-4E0D-ABC5-FBEBA6C928B4
Resolution No. 2025-04
Adopting GPFFA Budget for Fiscal Year 2025-26
Gilroy Public Facilities Financing Authority Regular Meeting | February 3, 2025
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. 2025-04 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,
February 3, 2025, with a quorum present.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Official
Seal of the City of Gilroy this Tuesday, February 4, 2025.
Beth Minor
Interim Secretary
Docusign Envelope ID: D951F938-D835-4E0D-ABC5-FBEBA6C928B4