12306.18. (Added by Stats. 2017, Ch. 25, Sec. 28.)
(a)Notwithstanding any other law, the Director of Finance…#
(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…#
(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:
(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…#
(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.