(a) The funding board shall independently consider any application for loan assistance as herein provided, and, on the concurrence of two thirds (⅔) of its membership, authorize the board of equalization to lend to a municipality or county an amount not to exceed eighty percent (80%) of the local revenues shown to be lost as a result of such circumstances. Such loans shall be made only upon notes executed by the chief executive officer of the municipality or county showing on their face the concurrence of three fourths (¾) of the governing body of the municipality or county and evidencing an attested copy of the official minutes showing such concurrence.
(b) The loans shall be repayable with interest at the rate of two percent (2%) in equal installments commencing two (2) years following the date of the note and extending not more than five (5) years from the day of the first payment.
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