(a) Before an agency or a public body forgives the repayment, wholly or partially, of a loan, advance, or indebtedness that is owed by a public body to the agency or an agency to the public body, the agency or public body forgiving the repayment shall adopt a resolution that states its intention to forgive the repayment.
(b) The resolution shall specify all of the following:
(1) The name of the public body or agency.
(2) The amount of the proposed forgiveness.
(3) The terms of the loan, advance, or
(4) The fiscal effect of the proposed forgiveness on the public body.
(5) The fiscal effect of the proposed forgiveness on the agency.
(6) The date on which the agency or public body intends to act on the proposed forgiveness which shall be no less than 15 days after the adoption of the resolution.
(c) The adoption of the resolution and the action that forgives repayment shall not be placed on the agency’s or public body’s consent calendar, but shall be adopted by a recorded rollcall vote.