The Santa Clara County Oversight Board voted unanimously to adopt a resolution amending and restating the joint exercise of powers agreement (JPA) that governs the Sunnyvale Financing Authority and to allow the Sunnyvale successor agency to withdraw from that authority.

Brian, county staff, told the board the action would replace the successor agency on the JPA with the newly created Sunnyvale Industrial Development Authority and would allow the city to retain the financing authority's bonding capacity as the successor agency winds down. "They're proposing to replace the successor agency on the JPA with another entity, the Sunnyvale Industrial Development Authority," Brian said.

Matt Paul, Sunnyvale's finance director, told the board the city has a pending public bond offering for the Smart Station project and intends to use the Sunnyvale Financing Authority for that financing. "We have a pending bond financing for our Smart Station, and we're going to use the Sunnyvale Financing Authority for that transaction," Paul said, adding that the city wanted investors to know there is a plan to replace the successor agency with the Industrial Development Authority.

A board member asked whether there is any outstanding debt or open property purchases under the financing authority; Paul confirmed there is outstanding debt through the financing authority. The same member asked whether the transfer would impose financial or legal obligations on the successor agency; Paul replied, "Correct. No financial or legal obligations," and clarified that the action is an amendment and restatement of the JPA, not a termination while debt remains outstanding.

Member Pasquale moved to adopt the resolution; Vice Chairperson Snow seconded. The board took a roll-call vote and recorded unanimous approval.

The board noted that staff and Sunnyvale are discussing transfer of the three remaining properties owned by the successor agency and aim to bring a transfer agreement forward in January. If the transfer proceeds and the oversight board and other taxing entities approve, that action would further the formal wind-down of the successor agency.

The board adjourned with no meeting date set; members said the next meeting will be in January but the exact date was not specified.