§ 2-5.07. Loans.

(a)

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.

(b)

Every loan to a candidate or controlled committee shall be by written instrument, which shall be filed with the campaign statement on which the loan is first reported.

(c)

The proceeds of a loan made to a 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.

(d)

Extensions of credit (other than loans pursuant to subsection (c) of this section) for a period of more than thirty (30) days are subject to the contribution limitations of this chapter.

(e)

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.

(§ 1 (Exh. A), Ord. 1156, eff. May 27, 2010)