The amount of any loan shall not exceed 50 percent of the local agency‘s property tax revenues for the 1977-78 fiscal year, including state property tax relief subventions. The maximum amount of a loan to a local agency which was formed during the 1977-78 fiscal year and authorized to levy a property tax, but did not do so, shall be no more than 50 percent of the amount such agency could have levied if it had levied such a tax.

(Added by Stats. 1978, Ch. 292.)

Terms Used In California Government Code 16494

  • 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.
  • Local agency: means a city, county, city and county, special district, school district, county board of education, or community college district which levied a property tax during the 1977-78 fiscal year or for which a property tax was levied. See California Government Code 16493
  • State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
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