.010 A loan shall be considered a contribution from the maker and the guarantor of the loan, and shall be subject to the contribution limitations of this chapter.
.0101 Notwithstanding Sections 1.09.050.040 and 1.09.100, a city candidate shall not personally loan to the candidate's campaign, including the proceeds of a loan obtained by the candidate from a commercial lending institution, an amount, the outstanding balance of which exceeds one hundred thousand dollars ($100,000). A candidate shall not charge interest on any loan the candidate makes to the candidate's campaign."
.020 The proceeds of a loan made to a city candidate by a commercial lending institution in the regular course of business on the same terms available to members of the public shall not be subject to the contribution limitations of this chapter if the loan is made directly to the candidate. The guarantors of such a loan shall remain subject to the contribution limits of this chapter.
.030 Every loan to a City Candidate or Elective City Officer or his or her controlled committee shall be by written agreement which shall be filed with the campaign statement on which the loan is first reported. In the case of a loan from the City Candidate or Elective City Officer to his or her controlled committee for which the candidate is personally liable, the written agreement shall identify the initial source of the loan (i.e., credit cards, a third party, a commercial lending institution).
.040 Extensions of credit (other than loans pursuant to subsection 1.09.100.020) shall be subject to the contribution limitations of this chapter unless the extension of credit meets the conditions set forth in either subdivisions (b)(1) or (b)(2) of Section 18530.7 of Title 2 of the California Code of Regulations, as that section may, from time to time, be amended.
.050 This section shall apply only to loans and extensions of credit used, or intended for use, for campaign purposes, or which are otherwise connected with the holding of public office. (Ord. 5704 § 2 (part); October 19, 1999; Ord. 5858 § 1 (part); May 20, 2003: Ord. 6197 § 8; November 16, 2010; Ord. 6567 § 1; February 27, 2024.)