(A) There is created within the Treasury of the City of Los Angeles for the purpose of receiving money from the sale of the General Obligation Bonds, Series 2002-A (the “Series 2002-A Bonds”), the following special funds:
(1) General Obligation Bonds, Series 2002-A, Zoo Improvement Projects Construction Fund,
(2) General Obligation Bonds, Series 2002-A, Animal Shelter Facilities Construction Fund,
(3) General Obligation Bonds, Series 2002-A, Fire/Paramedic, Emergency Helicopter Facilities Construction Fund, and
(4) General Obligation Bonds, Series 2002-A, 911-Police-Fire-Paramedic Projects Construction Fund.
No expenditures may be made from the Construction Funds except for the purposes of the Zoo improvement projects, the Fire/Paramedic, Emergency Helicopter and Animal Shelter Facilities, and 911-Police-Fire-Paramedic Projects, as approved by the voters on November 3, 1998, November 7, 2000, and March 5, 2002, including costs of issuance of the Series 2002-A Bonds. When all facilities and improvement projects in a Construction Fund are completed, any money remaining in that Construction Fund shall be deposited into the Series 2002-A Debt Service Fund, subject to any conditions in the City’s Tax Certificate for the Series 2002-A Bonds. All earnings by each Construction Fund shall be retained in the respective Construction Fund until expended for the purposes of the Construction Fund or the Treasurer directs that some or all of the earnings be deposited into the Series 2002-A Excess Earnings Fund, in accordance with the City’s Tax Certificate for the Series 2002-A Bonds.
(B) There is created within the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Series 2002-A and Refunding Series 2002-B Cost of Issuance Fund (the “Cost of Issuance Fund”) for the purposes of paying all expenses incident to the sale and issuance of the Series 2002-A Bonds and the General Obligation Bonds, Refunding Series 2002-B (the “Series 2002-B Bonds”). After payment of all costs of issuance any money then remaining in the Cost of Issuance Fund, including any interest earnings, shall be transferred on a pro-rata basis to the respective Construction Funds.
(C) There is created within the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Series 2002-A Debt Service Fund (the “Series 2002-A Debt Service Fund”) for the purposes of payment of principal, premium, if any, and interest on the Series 2002-A Bonds and for repayment of any temporary transfers from the City’s Reserve Fund. The premium and accrued interest, if any, received by the City from the sale of the Series 2002-A Bonds and all money from the collection of property taxes for the Series 2002-A Bonds shall be deposited into the Series 2002-A Debt Service Fund. The Series 2002-A Debt Service Fund shall retain all of its earnings until they are expended for debt service or the Treasurer directs that some or all of the earnings be deposited into the Series 2002-A Excess Earnings Fund in accordance with the City’s Tax Certificate for the Series 2002-A Bonds. When there are no longer any Series 2002-A Bonds outstanding, any money in the Series 2002-A Debt Service Fund shall be deposited into the City’s General Fund, subject to any conditions in the City’s Tax Certificate for the Series 2002-A Bonds.
(D) There is created within the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Refunding Series 2002-B Debt Service Fund (the “Series 2002-B Debt Service Fund”) for the purposes of payment of principal, premium, if any, and interest on the 2002-B Bonds and for repayment of any temporary transfers from the City’s Reserve Fund. The premium and accrued interest, if any, received by the City from the sale of the Series 2002-B Bonds and all money from the collection of property taxes for the Series 2002-B Bonds shall be deposited into the Series 2002-B Debt Service Fund. The Series 2002-B Debt Service Fund shall retain all of its earnings until they are expended for debt service or the Treasurer directs that some or all of the earnings be deposited into the Series 2002-B Excess Earnings Fund in accordance with the City’s Tax Certificate for the Series 2002-B Bonds. When there are no longer any Series 2002-B Bonds outstanding, any money in the Series 2002-B Debt Service Fund shall be deposited into the City’s General Fund, subject to any conditions in the City’s Tax Certificate for the Series 2002-B Bonds.
(E) There is created within the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Series 2002-A, Excess Earnings Fund (the “Series 2002-A Excess Earnings Fund”) for the purpose of holding money that the Treasurer finds to be earnings in excess of the yield on the Series 2002-A Bonds. The Treasurer shall deposit money from the Construction Funds and the Series 2002-A Debt Service Fund into the Series 2002-A Excess Earnings Fund in accordance with the City’s Tax Certificate for the Series 2002-A Bonds. Money in the Series 2002-A 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 2002-A Bonds in accordance with the City’s Tax Certificate for the Series 2002-A Bonds.
(F) There is created within the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Series 2002-B, Excess Earnings Fund (the “Series 2002-B Excess Earnings Fund”) for the purpose of holding money that the Treasurer finds to be earnings in excess of the yield on the Series 2002-B Bonds. The Treasurer shall deposit money from the Series 2002-B Debt Service Fund into the Series 2002-B Excess Earnings Fund in accordance with the City’s Tax Certificate for the Series 2002-B Bonds. Money in the Series 2002-B 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 2002-B Bonds in accordance with the City’s Tax Certificate for the Series 2002-B Bonds.
(G) Pursuant to Charter Section 344, money in the special funds shall not be subject to reversion to the Reserve Fund of the City.
SECTION HISTORY
Added by Ord. No. 174,628, Eff. 6-12-02.