(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.