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(A) There is hereby created within the Treasury of the City of Los Angeles to receive money from the sale of the General Obligation Bonds, Refunding Series 1993-C (the “Series 1993-C Bonds”), a special fund named the General Obligation Bonds, Refunding Series 1993-C Funding Fund (the “Funding Fund”) for the purpose of refunding certain bonds from The City of Los Angeles General Obligation Bonds, Series 1989-A, Series 1990-B and Series 1991-A and for the costs of issuing the refunding bonds. The Controller and the Treasurer are authorized to deposit the money in the Funding Fund with the Paying Agent, as authorized in the Series 1993-C Bonds Resolution.
(B) There is hereby created within the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Refunding Series 1993-C, Debt Service Fund (the “Debt Service Fund”) for the purposes of payment of principal of, premium, if any, and interest on the Series 1993-C Bonds. All money from the collection of property taxes for the Series 1993-C Bonds shall be deposited into the Debt Service Fund. The Debt Service Fund shall retain all of its earnings until such time as they are expended for debt service or the Treasurer directs that some or all of the earnings be deposited into the Excess Earnings Fund in accordance with the City’s Nonarbitrage Certificate for the Series 1993-C Bonds. When there are no longer any Series 1993-C Bonds outstanding any money in the Debt Service Fund shall be deposited into the City’s General Fund, subject to any conditions in the City’s Nonarbitrage Certificate for the Series 1993-C Bonds.
(C) There is hereby created within the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Refunding Series 1993-C, Excess Earnings Fund (the “Excess Earnings Fund”) for the purpose of holding money that the Treasurer finds to be earnings in excess of the yield on the Series 1993-C Bonds. Money in the Excess Earnings Fund shall be used only for payments to the United States or for deposit into other funds or accounts pertaining to the Series 1993-C Bonds in accordance with the City’s Nonarbitrage Certificate for the Series 1993-C Bonds.
(D) Pursuant to Charter Section 344, money in the special fund shall not be subject to reversion to the Reserve Fund of the City.
SECTION HISTORY
Added by Ord. No. 169,131, Eff 11-15-93.
Amended by: Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00.
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