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(a) There is hereby created within the Treasury of the City of Los Angeles a special trust fund to be known as the “Central City West Housing Trust Fund” hereinafter referred to in this article as “the Fund” to be administered by the Los Angeles Housing Department.
(b) The Department of Building and Safety shall collect payments derived from all new commercial and industrial developments in the Central City West Specific Plan area and remit all such funds to the Treasurer for deposit into the Fund.
(c) The Fund shall be used for the purpose of receiving and disbursing, as authorized, housing payments including, but not limited to, in lieu payments and linkage fees, derived from the requirements of the Central City West Specific Plan.
(d) The monies from the Fund shall only be expended for the purpose of assisting in providing affordable housing within the Central City West Plan area bounded by the Harbor Freeway, the Hollywood Freeway, Olympic Boulevard and Glendale Boulevard, Union Avenue and Witmer Street on the West, or within other housing target areas identified in the Central City West Specific Plan.
(e) Any gifts, contributions or other monies received for the purpose of assisting in providing affordable housing in the Central City West Specific Plan area, including those housing payments made pursuant to provisions of the Central City West Transportation/Land Use Specific Plan, shall be placed in the Fund and all interest earned on the principal shall become part of the Fund.
(f) (None).
(g) No expenditure may be made from the Fund without the prior approval of the City Council and the Mayor.
SECTION HISTORY
Added by Ord. No. 165,383, Eff. 2-4-90.
Amended by: Subsec. (a), (f), Ord. No. 166,009, Eff. 8-2-90; Subsec. (a), (f), Ord. No. 168,841, Eff. 7-24-93; Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00; Subsec. (f) deleted, Ord. No. 176,247, Eff. 11-22-04; Ord. No. 182,718, Eff. 10-30-13; Ord. No. 187,122, Eff. 8-8-21.
Section
5.115.8 Pershing Square Special Tax Fund.
5.115.8.1 Community Facilities District No. 4 (Playa Vista - Phase 1) Special Tax Collection Fund.
5.115.8.2 Community Facilities District No. 3 (Cascades Business Park and Golf Course) Special Tax Fund.
5.115.8.3 Community Facilities District No. 8 (Legends at Cascades) Special Tax Fund.
5.115.8.4 Community Facilities District No. 11 (Ponte Vista) Special Tax Fund.
(a) There is hereby created in the Treasury of the City of Los Angeles a special fund, named the “Pershing Square Special Tax Fund” (the “Special Tax Fund”), for the purposes of receiving all proceeds of the special tax (other than amounts representing penalties assessed with respect to delinquent and overdue special tax assessments) levied on all non-exempt real property within Community Facilities District No. 1 (Pershing Square) (the “District”). The Special Tax Fund shall be administered by the City Administrative Officer. The City Administrative Officer shall disburse funds on deposit in the Special Tax Fund in accordance with that certain Trust Agreement, dated as of April 1, 1992, by and between The City of Los Angeles (the “City”) and Bank of America National Trust and Savings Association, as Trustee (the “Trust Agreement”) and that certain Special Tax Agreement, dated as of April 1, 1992, by and between the City and the District (the “Special Tax Agreement”). Investment earnings received with respect to money on deposit in the Special Tax Fund shall be disbursed in accordance with the Special Tax Agreement.
(b) Pursuant to Charter Section 344 money in the Special Tax Fund shall not be subject to reversion to the Reserve Fund of the City.
SECTION HISTORY
Added by Ord. No. 167,687, Eff. 4-30-92.
Amended by: Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00; Subsec. (a), Ord. No. 180,209, Eff. 11-8-08.
There is hereby created in the Treasury of the City of Los Angeles a special fund, named the Community Facilities District No. 4 (Playa Vista - Phase 1) Special Tax Collection Fund (Special Tax Collection Fund), for the purposes of receiving proceeds of the special tax (Special Tax) levied on non-exempt real property in Community Facilities District No. 4 (Playa Vista - Phase 1) (District) and proceeds from enforcement and collection activities and foreclosures related to the Special Tax, and from which money shall be disbursed in accordance with (a) initially, the Fiscal Agent Agreement, relating to the District, by and among the City, the District and the Fiscal Agent, as it may be amended by Supplemental Fiscal Agent Agreements from time to time, (b) and/or, upon the issuance of bonds secured by the Special Tax, with the Indenture, relating to the District, by and among the City, the District and the Trustee, as it may be amended by Supplemental Indentures from time to time, and (c) the Tax and Non-Arbitrage Certificates executed by the City and the District, as may be required for each financing involving the Special Tax. The Special Tax Collection Fund shall be administered by the City Administrative Officer. Earnings received with respect to money on deposit in the Special Tax Collection Fund shall remain in the Special Tax Collection Fund and shall be disbursed in accordance with the applicable Fiscal Agent Agreement, Indenture, and Tax and Non-Arbitrage Certificate, as they may be amended and supplemented. Pursuant to Charter Section 344
, money in the Special Tax Collection Fund shall not be subject to reversion to the Reserve Fund of the City.
SECTION HISTORY
Added by Ord. No. 170,576, Eff. 8-3-95.
Amended by: Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00; Ord. No. 174,987, Eff. 12-30-02.
There is hereby created in the Treasury of the City of Los Angeles a special fund, named the “Community Facilities District No. 3 (Cascades Business Park and Golf Course) Special Tax Fund” (the “Special Tax Fund”), for the purposes of receiving proceeds of the special tax (the “Special Tax”) levied on non-exempt real property in Community Facilities District No. 3 (Cascades Business Park and Golf Course) (the “District”) and proceeds from enforcement and collection activities and foreclosures related to the Special Tax, and from which money shall be disbursed in accordance with an Indenture relating to the bonds to be issued for the District to be executed, by the City and trustee, as it may be amended pursuant to its terms. The Special Tax Fund shall be administered by the Director of the Office of Administrative and Research Services. Earnings received with respect to money on deposit in the Special Tax Fund shall be disbursed in accordance with the Indenture. Pursuant to Charter Section 344
, money in the Special Tax Fund shall not be subject to reversion to the Reserve Fund of the City.
SECTION HISTORY
Added by Ord. No. 171,486, Eff. 2-27-97.
Amended by: Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00.
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