(a) There is hereby created in the Treasury of the City of Los Angeles a special fund named "Judgment Obligation Bonds, Series 2009-A, Judgment Obligation Bonds Proceeds Fund" (Judgment Bonds Proceeds Fund) (designated as the Refunding Fund in the financing documents) for the purposes of receiving all proceeds from the sale of the City's Judgment Obligation Bonds, Series 2009-A (Bonds) (other than accrued interest at the time of issuance, if any), to finance the payment of certain judgments related to civil rights violations against current and former City police officers in the cases of Harper v. City of Los Angeles, United States District Court (USDC) Case No. SACV 03-959; Liddy, Ortiz and Buchanan v. City of Los Angeles, USDC Case Nos. CV05-5697/CV05-5699; Buchanan v. City of Los Angeles, USDC Case No. CV06-4479; Liddy v. City of Los Angeles, USDC Case No. CV06-4479 (formerly Los Angeles Superior Court (LASC) Case No. BC383173); Ortiz v. City of Los Angeles, LASC Case No. B5106263; Liddy v. City of Los Angeles, LASC Case No. B5102454. The Judgment Bonds Proceeds Fund shall be administered by the City Attorney and the City Administrative Officer.
(b) There is hereby created in the Treasury of the City of Los Angeles a special fund named "Judgment Obligation Bonds, Series 2009-A, Debt Service Fund" (Debt Service Fund) for the purpose of payment of principal of, premium, if any, and interest on the Bonds. Accrued interest, if any, relating to the Bonds at the time of issuance shall be deposited in the Debt Service Fund. The Debt Service Fund shall retain all of its earnings until such time as they are expended for debt service. The Debt Service Fund shall be administered by the City Administrative Officer.
SECTION HISTORY
Added by Ord. No. 180,678, Eff. 6-11-09.