§ 16494.7. — 16494.7. (Amended by Stats. 1978, Ch. 332.)

California § 16494.7.

• Jurisdiction: California
• Code GOV: Government Code - GOV
• Div.: 4.
• Title 2.: DIVISION 4. FISCAL AFFAIRS
• Part 2.: PART 2. STATE FUNDS
• Ch. 3.: CHAPTER 3. Investments
• Art. 6.: ARTICLE 6. Local Agency Emergency Loan Fund

Text

Notwithstanding any other provision of law, any local agency may apply to the board, by no later than August 21, 1978, for a loan pursuant to this article after the adoption by the local agency’s governing body of a resolution containing all of the following:
(a)
A statement that the local agency is authorized to issue revenue or tax anticipation notes;
(b)
A statement indicating the local agency’s property tax revenues for the 1977–78 fiscal year, including state property tax subvention. With respect to a local agency formed during the 1977–78 fiscal year and authorized to levy a property tax, but did not do so, a statement estimating the amount such agency could have levied if it had levied such a tax;
(c)
A finding based on substantial evidence that the agency’s cash flow is not sufficient to meet current obligations for the operation of vital services and that all unrestricted reserves except for a prudent surplus have been exhausted or will be exhausted at the time the loan is made;
(d)
A statement that taxes, revenues, and other income not obligated by law for a specific purpose and anticipated to be received during the 1978–79 fiscal year, will be available to repay the principal and interest on such loan before May 31, 1979;
(e)
A statement that revenue and tax anticipation notes are not currently being purchased from the local agency by private lenders; and
(f)
Evidence that the local agency is unable to use interfund transfers to meet its short-term cash obligations.

Legislative History

Amended by Stats. 1978, Ch. 332.