GOV §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 after the adoption by the local agency’s gove

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.