(a) Notwithstanding any other law, the Director of Finance may authorize a loan from the General Fund to any county in an amount not to exceed the net cost to the county resulting from the County‘s IHSS MOE pursuant to Sections 12306.16, 12306.17, and 17606.20.

(b) To be considered for a loan, the county shall submit a request, after approval by the county board of supervisors, to the Director of Finance that includes all of the following:

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Terms Used In California Welfare and Institutions Code 12306.18

  • County: includes "city and county. See California Welfare and Institutions Code 14
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC

(1) Information that demonstrates that the county is experiencing significant financial hardship.

(2) The amount of funding requested.

(3) The duration of the loan, not to exceed three years.

(c) The Director of Finance shall respond to a request in writing within 45 days. If approved, the written notice shall include the repayment schedule as determined by the Director of Finance, in consultation with the county, and the interest rate, which shall not exceed the rate earned by the Pooled Money Investment Account at the time of the loan. The Director of Finance may waive interest charges at any time.

(d) The Director of Finance, in consultation with the county, shall provide a schedule to the Controller for the disbursement of the loan amount for each county that receives a loan under this section. The Controller shall pay the county per the schedule within 14 days of receipt.

(e) Loans shall be available in the 2017-18, 2018-19, and 2019-20 fiscal years. The sum of all loans approved during any fiscal year pursuant to this section shall not exceed twenty-five million dollars ($25,000,000).

(f) The county shall submit loan installment payments to the Controller as specified in subdivision (c) and notify the Director of Finance when each payment is made.

(Added by Stats. 2017, Ch. 25, Sec. 28. (SB 90) Effective June 27, 2017.)