AGENDA MEMORANDUM
Public Facilities Financing Corporation
Government Code § 84308 Applies: Yes ☐ No ☒
(If “YES” Complete Attachment A - Gov. Code § 84308)
SUBJECT: title
Elect Fiscal Year (FY) 2025-2026 Public Facilities Financing Corporation (PFFC) Board of Directors’ President, Vice President, Chief Financial Officer, and Corporate Secretary.
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RECOMMENDATION: Recommendation
Elect FY 2025-2026 PFFC Board of Directors’ President, Vice President, Chief Financial Officer, and Corporate Secretary.
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SUMMARY:
Per the PFFC Bylaws, each PFFC officer shall be elected by the Santa Clara Valley Water District Board of Directors. They shall hold office until his or her successor shall have been elected and qualified, or until the death, resignation or removal of such officer.
The duties of the PFFC President, Vice-President, Chief Financial Officer, and Corporate Secretary are as follows:
The President shall be the chief executive officer of the Corporation and shall have general supervision over the business of the Corporation, subject, however, to the control of the Board of Directors. The President shall preside at all meetings of the Board of Directors. The President may sign and execute, in the name of the Corporation, deeds, mortgages, leases, bonds, contracts and other instruments duly authorized by the Board of Directors, and generally shall perform all duties as may from time to time be assigned to such office by the Board of Directors.
At the request of the President or in case of his or her absence or disability, the Vice President shall perform all duties of the President and, when so acting, shall have all the powers of, and be subject to all restrictions upon, the President. In addition, the Vice President shall perform such other duties as may from time to time be assigned to that office by the Board of Directors or the President.
Should the office of Chair or Vice-Chair become vacant during the term of such office, the Committee shall elect a successor from its membership at the earliest meeting at which such election would be practicable, and such election shall be for the unexpired term of such office.
The Chief Financial Officer shall receive and have charges of all funds of the Corporation and shall disburse such funds only as directed by the Board of Directors. The Chief Financial Officer shall, in general, perform all duties incident to the Office of the Chief Financial Officer and such other duties as may from time to time be assigned to such office by the Board of Directors or the President.
The Secretary shall:
(a) Certify and keep at the office of the Corporation, or at such other place as the Board of Directors may order, the original or a copy of the Bylaws, amended or otherwise altered;
(b) Keep at the office of the Corporation, or at such other place as the Board of Directors may order, a book of minutes of all meetings of the directors, recording therein the time and place of holding, whether regular or special, and, if special, how authorized, the notice thereof given, and the proceedings thereat;
(c) See that all notices are duly given in accordance with the provisions of these Bylaws or as required by law;
(d) Be custodian of the records and seal of the Corporation;
(e) Exhibit at all reasonable times to any director, upon application, the Bylaws and minutes of the meetings and proceedings of the directors of the Corporation; and
(f) In general, perform all duties of the office of Secretary and such other duties as may from time to time be assigned to such office by the Board of Directors or the President.
ENVIRONMENTAL JUSTICE IMPACT:
There are no environmental justice impacts associated with this item.
ATTACHMENTS:
Attachment 1: PFFC Articles of Incorporation & Bylaws
UNCLASSIFIED MANAGER:
Manager
Candice Kwok-Smith, 408-630-3193