(a) On or before February 1, 2012, an agency or public body shall adopt a resolution that declares whether or not it has forgiven, during the period of time commencing January 1, 2010, through December 31, 2011, the repayment, wholly or partially, of a loan, advance, or indebtedness that has been owed by a public body to the agency or an agency to the public body.
(b) The resolution shall specify all of the following:
(1) The name of the public body or agency.
(2) The amount of the forgiveness.
(3) The terms of the loan, advance, or indebtedness.
(4) The fiscal effect of the proposed forgiveness on the public body.
(5) The fiscal effect of the proposed forgiveness on the agency.
(c) No less than 10 days after the adoption of the resolution, the agency or public body shall transmit a copy of the resolution to the legislative body and the Controller.