{"data":{"id":"us-ca/gov-16494.7","jurisdiction":"us-ca","citation":"GOV § 16494.7","heading":"","body":"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:\n(a) A statement that the local agency is authorized to issue revenue or tax anticipation notes;\n(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;\n(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;\n(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;\n(e) A statement that revenue and tax anticipation notes are not currently being purchased from the local agency by private lenders; and\n(f) Evidence that the local agency is unable to use interfund transfers to meet its short-term cash obligations.","path":["Government Code - GOV","TITLE 2. GOVERNMENT OF THE STATE OF CALIFORNIA [8000. - 22980.]","DIVISION 4. FISCAL AFFAIRS [16100. - 17700.]","PART 2. STATE FUNDS [16300. - 16649.95.]","CHAPTER 3. Investments [16430. - 16495.5.]","ARTICLE 6. Local Agency Emergency Loan Fund [16492. - 16495.5.]"],"source_url":"https://downloads.leginfo.legislature.ca.gov/pubinfo_2025.zip","current_through":"2026-09-13","vintage":"","retrieved_at":"2026-09-14T05:56:33Z","sha256":"3b6bd547b22b16ee11178066800f59c4c7537b757cc6973d71d36c3686d0aaa8","source_id":"us-ca","stale":false,"prev":"us-ca/gov-16494","next":"us-ca/gov-16495"},"notice":"GroundRules: Original legal text. Not legal advice."}