What are the practical steps remaining to repay the loan?
A – A vote of the legally constituted body (in this case, the Assembly) to allocate monies from the general fund to the PAC is required by law. The funds may then be deposited in the PAC account. Then the PAC writes a check to the FA general fund for the balance due on the loan. In addition, the PAC is required to report the amount allocated on a per member basis. This the Assembly did at the March 6, 2008, Assembly meeting. In addition, before repaying the loan, the SMCFA must calculate the number of members who have “opted out” (see question below) before determining the exact amount taken from the general fund and put into the PAC.
