Milena De Melo

The Executive Committee Meeting agenda included several key items. The Consent Agenda involved the minutes from the November 5, 2025 Executive Committee Meeting and an Economic Development Update. Financial reports for discussion and possible action included the Condensed Balance Sheet Report, Investment Report, and Budget v. Actual Report, all for the period ended December 31, 2025. Business and Administrative Matters included discussion and possible action on the GSFA 2026 Business Plan. Updates were also scheduled for the Housing Program and Golden State Natural Resources, Inc. (GSNR).

Golden State Natural Resources (GSNR) outlines its mission to address California's catastrophic wildfire crisis by creating sustainable and economically viable uses for excess woody biomass from overgrown forests. The strategic initiative proposes developing two processing facilities in the Central Sierra Nevada and Modoc Plateau regions to convert biomass into wood chips for sustainable fuel, energy production, and innovative wood products, supported by a 20-year Master Stewardship Agreement with the U.S. Forest Service. The aim is to enhance forest resiliency and mitigate wildfire risks.

The meeting addressed several key agenda items, including the approval of the April 28, 2021, Board Meeting Minutes. The Executive Director provided introductory comments and updates on current business and administrative matters. Key actions included the approval of the GSFA 2020 Audited Financial Statements and the authorization for the Local Area Investment Fund (LAIF). Program updates were provided on Rural Broadband and Golden State Natural Resources economic development activities. A significant discussion involved the proposed Supplemental Project Agreement with the Modoc National Forest for a Plantation Fire Risk Analysis, which included CEQA findings and authorization for the Executive Director to execute the agreement. Furthermore, the Board reviewed and approved GSFA Resolution 21-04, authorizing the appointment of a Financing Action Team to handle future financing actions, including the issuance of Mortgage Revenue Bonds for downpayment assistance programs.

The agenda for the meeting included addressing public comments, followed by a consent agenda covering several action items. Key items for action included the approval of the minutes from the December 12, 2025 Board of Directors Meeting, GSFA Resolution 26-01 concerning the Board Travel Policy, and GSFA Resolution 26-02 regarding the acceptance of GSFA Associates. Further discussion items involved the renewal of the GSFA 2026 Investment Policy, the appointment of the 2026 GSFA Chair, Vice Chair, Executive Committee members, a representative to the Golden State Natural Resources, Inc. (GSNR) Board of Directors, and the Financing Action Team. The agenda also scheduled an Economic Development Update, the GSFA Chair's Report, and Housing Program Updates.

The key discussions focused on routine administrative items and significant financing actions. The agenda included a Call to Order and Determination of Quorum, followed by a period for Public Comment. The Consent Agenda addressed the approval of the February 22, 2023, GSFA Financing Action Team Meeting Minutes. The main action item was the consideration and potential authorization of GSFA Resolution 24-05, which pertains to the issuance, sale, and delivery of Golden State Finance Authority Commercial PACE Limited Obligation Improvement Bonds, Series 2023, not to exceed $252,009.56, for HM Suns Investment Inc. The meeting concluded with Adjournment.