Department of Food and Agriculture: Fair and Exposition Fund: loans to fairs: deferral of loan repayment.

Existing law authorizes the Department of Food and Agriculture to make and administer loans from the Fair and Exposition Fund to any fair in the network of California Fairs, according to specific agreements and subject to the fair's demonstrated ability to repay the loan. This bill would authorize a fair to defer repayment of a loan issued pursuant to this provision until July 1, 2021. The bill would provide that interest shall not accrue on a loan during the time period that a fair elects to defer repayment. This bill would declare that it is to take effect immediately as an urgency statute.