ARTICLE 6. Local Agency Emergency Loan Fund

Article 6 added by Stats. 1978, Ch. 292.

§§ 16492–16495.5 · 8 sections

• § 16492 The Legislature finds and declares that local agencies may be unable to sell short-term notes to financial institutions at the end of the 1977–78 fiscal year…
• § 16492.5 It is the purpose of the Local Agency Emergency Loan Fund to provide short-term loans to local agencies for operational purposes so that vital services are not…
• § 16493 As used in this article: (a) “Board” means the Pooled Money Investment Board. (b) “Local agency” means a city, county, city and county, special district,…
• § 16493.5 There is hereby created in the State Treasury a Local Agency Emergency Loan Fund. Short-term loans shall be available to local agencies for the purpose of…
• § 16494 The amount of any loan shall not exceed 50 percent of the local agency’s property tax revenues for the 1977–78 fiscal year, including state property tax relief…
• § 16494.7 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…
• § 16495 (a) The board may approve, reduce, or deny any loan application. Such action shall be taken within 10 days of the receipt of an application. No loan shall be…
• § 16495.5 (a) All loans shall bear an interest rate comparable to the prevailing market interest rate statewide for tax anticipation notes purchased by major California…