California Government Code ARTICLE 6 - Local Agency Emergency Loan Fund

• Section 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...
• Section 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...
• Section 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, school district, county board...
• Section 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...
• Section 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...
• Section 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...
• Section 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...
• Section 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 banks, as...

Last modified: October 22, 2018