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.