Home State and Local Local Government Counties Local Government Reporting Forms & Instructions Redevelopment Agencies Financial Transactions Report Forgiveness of Debt Reporting Requirements (33354.8)

Forgiveness of Debt Reporting Requirements (33354.8)

• On or before February 1, 2012, an agency or public
  body shall adopt a resolution that declares whether or not it has
  forgiven, during the period of time commencing January 1, 2010,
  through December 31, 2011, the repayment, wholly or partially, of a
  loan, advance, or indebtedness that has been owed by a public body to
  the agency or an agency to the public body.
• The resolution shall specify all of the following:
  • The name of the public body or agency.
  • The amount of the forgiveness.
  • The terms of the loan, advance, or indebtedness.
  • The fiscal effect of the proposed forgiveness on the public body.
  • The fiscal effect of the proposed forgiveness on the agency.
• No less than 10 days after the adoption of the resolution, the
  agency or public body shall transmit a copy of the resolution to the
  legislative body and the Controller.