Government Code section 16494.7
(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.
Source:
Section 16494.7, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV§ionNum=16494.7. (updated Jan. 1, 1978; accessed Jun. 30, 2025).
