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Oversight board approves amended Sunnyvale financing authority JPA, successor agency to withdraw
Summary
The Santa Clara County Oversight Board unanimously adopted a resolution amending the joint exercise of powers agreement that governs the Sunnyvale Financing Authority and approved the successor agency's withdrawal, clearing the way for a replacement entity and a planned bond for the Smart Station project.
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…
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